The price is very good if you're used to buying shirts from a quality label like Emile Lafaurie, Paul Smith, Burberry, etc.
For me, though, I've switched to shopping outlets like Nordstrom Rack, Century 21, and Filenes - so I've gotten used to getting those kind of labels for about $20-$40 per shirt. I have to be a little less picky about exact styles, but I always end up with nice shirts.
I tried customizing a couple shirts on Blank Label. The cheapest I was able to get was $50, and that was essentially a standard shirt, nothing I couldn't get at any store, and I don't know how it will look or fit.
When I started playing with it and having fun, I quickly ran the shirt up to $92 - and could have easily sent it far higher.
It's a wonderfully well-designed web site, and fun to use, but hard for me to see the value in buying shirts there.
Best of luck to the Blank Label guys, I just thought I'd give my "why I didn't buy" feedback, since they seem to be here on HN.