I'm not a sneaker head, but this doesn't seem outrageous at all to me.
Remember the Nike Foamposite's that came out in '97 that Penny wore:

Those retailed at $180 in '97, that's $256 in 2012 dollars, while somebody already mentioned that the regular LeBron shoes will retail for only like $180.
Also I'm sure one of our resident sneaker heads like darklord can help me out, but hasn't there been plenty of special edition Jordans with equally outrageous price tags. The ones that come in the special box, or the steel case or whatever, how much did/do those retail for at the time?
Then just put the price in this calculator for 2012 dollars.I'm not sure what this Nike+ does, but I can see how a lot of people would like it and pay extra for it. (Measure and chart my vertical, speed, quickness, endurance, improvement, etc.? I would think a lot of serious athletes or wannabe athletes would be down for that.)
You can't really measure the cost of something by the "premium package" price. The shoe goes for $180, a lot of money, but fair market value compared to what other name-brand, player-endorsed basketball shoes retail for.