I honestly think the high price tag is the point. Google is trying to establish itself as a major brand that isn't just offering alternatives to Apple hardware for a lower price. Think of the plans to build retail stores, and how the Android brand is given less prominence these days: they are working hard to build a consumer "Google" brand that's as strong as Apple.

So far most of the devices they sold were priced to be cheaper than Apple's counterparts. This pricing move is trying to say "we have better technology than Apple and it's worth the price", possibly in anticipation of other high-end products such as Glass.

I have no idea if it will pay off, but it's a bold move.