Let's take a quick tour through the twinstick history, shall we?
Sega Saturn (1996)
Sega Dreamcast (1999)
Microsoft Xbox (2002) (Image from toughkidcst)
Microsoft Xbox 360 (2009) (Image from Hori)
Seriously, Hori, what the fuck. What possible reason can there be for asking five times as much for the 360 stick as for the Saturn or Dreamcast? How can there be any justification for the 50% price premium over the Xbox controller, which had four times as many buttons!?
The cynic in me can't help but believe Hori's fleecing Virtual On fans, but I must also allow for the possibility that Microsoft is charging a lot for the license, spreading the fan fleece around just a little bit more.
Still, I wouldn't refuse one if I found it on my doorstep - and I don't even like VO. =D