Well then that makes it even "less expensive" if true.
i'm not sure i'd say it go as far to say it was less expensive, but its certainly in line with their pricing strategy. if you think of it as three components - take the watch charger (part of the dock, OK, but replacing the standalone cable) and the 2m lightning cable and then take their prices ($29 each) off the $79 - apple is only adding $21 for the cost of this docking solution.
to those complaining about the price, they don't do bundling discounts... you're not forced to buy this to make the watch work, you're given an option to buy it. an option many will probably take up. there's clearly a market for it - the kind of person who'd buy an extra charging cable for the office or travel and leave one hooked up to their dock on the nightstand - now they have another option at an admittedly higher price... but is it really that high compared to say the twelvesouth stand + additional charger purchase?