These are a lot more expensive because I think (hope) it will be more than just a watch. It'd have to be. You can get most game consoles or game pads, or even many hand-held electronic telecomunications devices for under US$280. This transforming watch HAS to have electronic features inline with those gadgets. Or else, who is gonna want something at that price just because it is a super-rare Transformers toy...
True, I may get one if it is packed with cool features but if it isn't then no.
I am afraid that they will go the way of Music Label Soundwave in which it is an awesome figure but a horribly basic but expensive MP3 player.