The relative cost to me has nothing to do with it. The cost relative to content that other developers are releasing does. Nothing excused how thin this game was at launch, but we stuck it out. TDB came out with a brutal regrind and even more half-assed content and people said "Wait for HoW." Then HoW was delayed, and yet we are [i]still[/i] getting content cut.
Bungie decided they wanted to make a class-based, loot grinding game driven by PvE content. I sure as hell wouldn't play this game for the half-assed Crucible. And in terms of PvE content, you're about to be roughly $100 in for a game that won't have 1/20 of the content ESO will have. You won't have as much content as Diablo 3, or Borderlands, or Warframe, or Neverwinter, etc. But you'll have bought and paid for two "expansions".
I've played through vanilla Destiny and TDB. I got plenty of play time in and I'm fine with that. But if this game is supposed to have the legs Bungie wants it to have, they need to produce something substantial. I'm not paying to play the same thin content spread over and insanely random grind.
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Simply put, everything that has been released up until HoW drops, is equal to a borderlands 2 headhunter pack. And at least those were $2 each