Yeah, it's very overpriced. This is a common problem with tools like this because it's a niche market; specialty gear tends to be much, more expensive than the mass-market equivalent, to the point of limiting sales. It needs to a) be $99, at which price it will fly out the door, or b) have MIDI, because keyboard nerds are much more used to this sort of technology and likely to make up the bulk of initial sales, or c) have a much, much larger library of pre-programmed DSP modules.

I used to work in this field, and though I don't want to run down the excellent achievement of this project, it's an untried brand and technology in an area with multiple mature competitors. The only really new thing here is that it's in a pedal rather than a desktop device aimed at keyboard users. (Well, video out is novel - but Raspberry Pi has video out and costs $35.) For about $100 more you could pick up a used Nord Micro Modular, which would be enormously more versatile: http://www.clavia.se/nordmodular/Files/MicroModular_folder.p... ...not to mention a wide variety of highly configurable guitar stage processors like this: http://www.musiciansfriend.com/amplifiers-effects/line-6-pod... or http://www.rogerlinndesign.com/adrenalinn-iii.html ...

I agree with the comment above about trying to get Kickstarter funding and doing a larger production run with the resulting economies of scale. Starting high and waiting for sales to drive down the production cost is a poor strategy, and one that has caused many products/manufacturers in this market to go out of production/business. I love this kind of technology and want to like this product, but for $300 I could buy a lot more signal candy.