You can justify the $1,400 if you want, but you also have to look at the reality of the market. Sales of big ticket items are way off - what would have sold well in 2007 won't today.
Credit is tighter and people are saving money. Anecdotally, a cousin is an amateur race car driver. I always go to his local races and have for several years. That's a fairly big ticket hobby - at least $30k for the car, but associated costs, repairs, mechanics, fees, etc. push a season's budget to anywhere from $100k to over $250k.
At the races this year, attendance and participation are off 50% or more. I saw a similar slump at the big Fountain Pen show I went to this year. There were very few sales of the big ticket item and the 25-30 dealers I chatted with were very disappointed.
The upshot is, that no matter how well justified the $1,400 pricetag is, that big ticket luxury sales are in the toilet.
Now, if you've put millions into R&D, tooling, machining, marketing, etc., and the productb doesn't meet sales goals, what do you do?
You can spend more on marketing, hoping to sell more at the asking price. You can lower prices, hoping that increased sales will cover the difference, or you can shut down production. What's going to happen is anyone's guess.
The other problem is that the sinking economy is going to push down on used gear. If you've been laid off and need to keep a roof over your head and food in the cupboard, unloading audio gear is a good option. The subprime storm has mostly passed, but option ARMs and Alt-A loans are set to meltdown shortly. There should be a flood of audio and other collectibles and hobby gear on the market.
Those who have $1,400 disposable will (and already can) be able to get into speaker-fi for bargain prices.
So no matter how justified the $1,400 is, people aren't spending like they did three years ago. Further, those who can spend will have extremely attractive, less costly options. Sennheiser completely misjudged the market.
I think the HD-800 is a good product and one that I would enjoy. But I'm voting with my feet (and wallet) and headed for speaker-fi instead.