For what you're actually getting, I think a lot of their products are priced pretty well. The only problem, IMO, is that when you start combining products and getting packages, the discount for doing so feels like it's non-existant.
I have CS5 Production Premium and to upgrade to CS6 Design Premium it costs $749USD. Thing is, this used to be the price for upgrading up to 2 versions behind. When CS7 comes out (when I usually upgrade), I don't think they're going to offer the upgrade to that at the same price. Chances are they're going to have me pay close to $1000.
If THAT's the case, then Adobe has seemingly increased their pricing significantly. As you indicated earlier, getting those items (and staying at the latest version) would cost you $70+/mo. It simply isn't worthwhile.
I told myself I'd be willing to pay $25/month to have the latest versions of Photoshop, Illustrator, Dreamweaver and Acrobat. That comes out to $1200 (+200-+400 over what I'd usually pay), but spread over the 48 months, and allow me access to CS7, CS7.5, etc. as long as the account is active.
I don't know, there's really no competition against Adobe products, but it would be very disrespectful for them to abuse their monopoly with the creative professionals who use their apps.