When Pegasos 2 G4 was new it was sold at 499e (motherboard only) so it was not cheap. This Sam440ep is cheaper but also lot slower. Relatively pricing is ok.
Remember that those 499Euro included VAT and free access to the OS (MorphOS1.4x in that case) while none of it is included in the SAMs being offered.
Depending on exchange rates then and now these SAMs might actually turn out a little more expensive then a Peg2 for some folks.