lets see. A gate fold double lp usually runs 21-25, plus 6-7 for 7"s. that's 46.... So it's really not that far off in price.
Seriously it's a classic. I will gladly shell out 50 bucks to finally have it, and I'm really excited it's done right this time.
I'm curious to see how the package/gate fold looks.
Just because that's how much SRC/Hot Topic/etc. charges for gatefold LP's and 7"s, doesn't make that what they "should" cost. A single LP should cost no more than $15, regardless of gimmicky packaging. A 7" shouldn't cost more than $5, regardless of whether or not it fits into previously mentioned gimmicky packaging.
You should not be okay with someone charging you $50 (before shipping) for 45 minutes of music. Next thing you know, every label will follow suit.