Absolutely, as we see from the numbers, most iPhone apps aren't making a lot of money, so $400 + $100 for the app store access is simply dumb for an indie dev.
Miguel is a very smart man and completely clueless at the same time.
a) Miguel De Icaza doesn't set the pricing on the product
b) Even if he did, that indie developers who are unable to fork over the $500-$2000 for a license are not part of their target demographic.
Monotouch seems to be popular enough with their existing pricing that they don't need to address anything smaller (and FWIW, their products are too expensive for me too, as much as I would love to be writing Mac/iOS apps in C#, I'm not forking over that money for it)