Considering AMD's mantra has been the sweet spot strategy since the HD 3870, why would you offer that so boldly? What it is-is a flip flop -- a change of strategy. Personally don't have any problem with enthusiast priced single GPU's though and have been consistent about it and never believed in the sweet spot strategy because it left too much revenue potential on the table.
It would be pretty much suicidal and utterly pointless to price it at $400 or a "sweet spot", because it would kill their own other GPUs as well.
The question is, have they actually changed strategy.
It might still be a sweet-spot GPU, something they CAN price at $400, but that remains to be seen.
Even if it is a sweet spot GPU (die size suggests it could be, since it's slightly smaller than the HD6970), it won't be priced as such until there's a reason to price it there (competition).
The launch price is exactly like the GTX280, inflated above what you might think because there's no reason to make it cheaper.
When the 4800 series came out, it adjust the GTX200 series pricing, and when NV launches their new parts, it will adjust the HD7000 series pricing, until then, there's no incentive to AMD to play the value card.
Personally I was hoping for something cheaper so that I would have an idea of where prices might be in April when I want to buy, but I will just have to hope NV launches something by then (or releases benchmarks and pricing).