I had a similar impression of the toy when I first saw it.
If its roughly voyager size, and comes with accessories I'd say it is better priced than The TF Club Hercules figures and several others. And it seems to me that most third party items are typically sold for at least double what Hasbro would charge for a similar priced item. Admittedly though Megatron is hardly a rare character to find a toy of.
It is steep though, but so was Battle Tanker.
I think I am going to have to stop collecting actual official TF's just to afford some of these 3rd party toys.