huh.. you're right. I assumed that anything the military bought these days came with a 1/4 million dollar price tag, but the Mark 84 bomb is only about twice the price per lb of the pumpkin bombs.
Wow. There's an industry in massive need of disruption. I'm thinking a mid-range android phone + some servos + software would do the trick. Let's say one year's dev for a reasonable engineer, so $100k + $300 in parts. Make a 1-Iraq-war-day's worth, and you'd have the unit price down to hundreds of dollars, not tens of thousands.
You'll need radiation hardening, a more precise inertial measurement unit (six axis gyro), and extreme reliability and lifetime that no consumer electronics device provides. The labor and materials cost, plus electronics mentioned above, is a lot more than $300. I also doubt you'll find a single engineer with the required aerospace and electrical engineering skills - you don't build an flight control surface control system with some 'ninjas' working on node.js in SF in a year.
I also haven't gotten into the business and logistics costs of pulling this off, but consider the fact that there is not even a RFP for such a device in existence.
A mark 84 bomb, one of the largest conventional munitions in frequent use, costs about 3k a piece. The mark 84's smaller cousins are cheaper. JDAM kits costs about 27k a piece. How am I making things up?
http://en.wikipedia.org/wiki/Mark_84_bomb