I won't bother to comment on SF specifically as my feelings are well documented regarding them, however I will comment on "price" of any consumer goods.
"Expensive" is very much a relative term. What might be considered "expensive" to one may be pocket change to another. It's like any adjective "good, best, quality, cheap" etc. etc. are simply the opinions of the one describing said object. I could say SF is cheap because I am used to using a Cool Fall Spy, a titanium HDS clicky, or McGizmo. If you compare SF across the entire flashlight spectrum, I would say they fall in the middle regarding cost.
Now, whether or not a persons perceived value in that product is worth the cost, is up to that individual alone. That is also where marketing plays a role. Marketing is not cheap (subjective use of the word cheap, I know), but lot's of marketing does increase costs in a product.
Flashlights are like any tool. You go from Harbor Freight on up to Snap On and others considered "high end". Timex to Rollex. Hi Point to Wilson Custom. You get the idea. Even a product that is not very good, with the right marketing, can make it seem great to many people... but that marketing costs money which the consumer ultimately pays for.
Look at Harley Davidson. The name alone is an icon. People have it tattooed on their bodies for crying out loud. Is it the "best" motorcycle? Not in this man's opinion, but the marketing and culture have raised it to by synonymous with the image "rebel, outlaw, tough guy" much in the same way SF's marketing has raised it to nearly the same level. You can see it in many of the previous responses. Serious bikers who travel by bike on extended trips would rarely do it on a Harley... but a Honda, Yamaha, or BMW if they really wanted comfort. Though the cost of an HD is often much higher.
Ultimately, whether or not the light is right for you, is up to you. Buy one and see if it lives up to YOUR expectations. If it does, then is the cost/benefit worth it to you. If it is, then it really isn't expensive at all. This goes with any product.