I got mine for £30 or so (around $50), and whilst the quality is great, even at that price, it definitely isnt worth it. The two hinges arent symmetrical either, similar to the knock off covers, which tends to result in one hinge scraping the iPad itself when opening and closing.
I feel sorry for anyone who pays full price from Apple. They must have around a 95%, probably higher, profit margin on these things. But I suppose we are paying for it for one simple fact, it just works!
Plus, my room always smells of leather, as do my hands, now that the chemical smell has settled.