I have a RWAK240 and a Lotoo, and I tested the Lotoo against an AK240 at e-earphones. Over that short demo, I felt the Lotoo was better than the stock 240 on SE. Quite clearly so. I thought the Lotoo was 'meatier' and just all-around better. But against my RWAK240 on balanced out, I thought the Lotoo was no match. Then again, I am of the opinion that the balanced out on the RWAK240 is very hard to beat. However, with an external amp, the Lotoo is better than the RWAK240, and that's saying a lot as I have the + mod, which has a true line out.
Is it worth its asking price? Like everything in the market, what is a ransom to some may be a bargain to others. Trying to justify the price tag from the cost of material is pointless, as there are so many factors that go into production costs, not to mention recouping any R&D investment, it is like counting ants. If you can afford it, go for it, you will like it. If you cannot, don't sweat it, it's not that great.