Actually its cheap. You'll pay more for the subsidized phone in the end. It has been that way since subsidiaries have been established...Geez, do unlocked phones usually cost this much?
In Europe its store price is the same numbers with an € at the end... at the moment real exchange course is 1,4458US$ : 1€... so from my point of view it is cheap... this will sweeten every europeans trip to the US