I can get a very nice leather brief for work for $200. You can't tell me that the cost of this tiny piece of leather material to cover the iPad is coming anywhere near the retail that they are asking. Typically, when you see this type of price, you are paying for the name as well. I don't think people are thinking about the name Vaja when the topic of leather goods is at hand.
Nice case for sure, but $200? Forget about it. Even half that would be stretching it.
To each his own. We don't tell you what case to carry your iPad in so no need to do it to us.