I'm just speculating here, but I don't think the prices are high because they want to screw us. That would be bad business, especially with a new format. I think the prices are high because it is a new format. A lot of time, effort, and money went in to research, development, distribution, licensing, etc of this new format and the prices are high because that's what it costs to make it work.
Take medicine for example. A company will spend several million dollars developing a new drug. When it hits the market it will be quite expesive because they have to make up for that money spent. Several years down the road when their patent expires, all these generic companies will pick up the drug research for pennies and sell the same drug a lot cheaper.
Once more companies pick up Blu Ray and development becomes cheaper, there will be more price drops. It would be bad business for them not to do it, since if they keep high prices they will never be able to oust DVD. I already see quite a few Blu Ray movies out there in the $15 range, so I can only expect that the prices will continue to drop until it becomes impractical to buy DVD. The upcoming holiday season, to me, is really the first holiday season for an affordable Blu Ray, so I think we should see some good stuff this time around.
Or, this is all BS, they are screwing us, and I'm talking out of my ***.