I guess if you break it into sections and think of it like 3-4 devices in one, then $700 is fairly reasonable. The Glou-Glou stuff is about $620 US without all the patching capabilities. So it's not exactly alone at the top of the pyramid.
Like Inconuucl commented, I'd just that money toward an actual synth. I guess if guitar is your singular means of expression, though, then there is a limited market for something like the Sonicsmith stuff.