One dollar a month is not a lot of money, in my opinion. It may be too pricey for you but, for many people, it will fit nicely with their current needs.Oh it's a steal alright, a steal of your money. Apple really needs to charge a whole whopping dollar just to give you 50 gigs? You have services like Flickr that gives 1 terabyte of storage for FREE. Granted it's only for photos and videos, but still.
There is a lot of entitlement attitude in this thread. And in my opinion, that is more of a problem than the previous pricing scale. Apple doesn't owe us anything. Once people stop expecting free at someone else's expense, perspective comes back into focus.