I agree the IEM package costs way more than what I'd ever anticipate (would've guessed $50-60), but do you guys even know how a gain switch works and what goes into making an IEM have a perfectly silent background? There's a lot more than just switching out the resistive path. Yes, lower gain would make the thing less hissy and less loud, but the fact is that even if you think an X5 or whatever sounds "good" with IEMs, the truth is that the analog circuit in it performs significantly worse with an IEM than it does with a pair of 300 ohm headphones --- the THD+N increases, the IMD increases, etc.
I'm sure most of you would think the Wave sounds "great" even without the IEM mod. Again, I do think the package is priced too high, because I don't think it costs that much to implement an IEM-specific circuit, but the "gain switch" argument is not really valid here.