It is funny how so many people are in favor of this silly idea that “well, considering occupation X hourly rate, it’s not much” and other relative justifications. I see so many marketing people put that message for any stuff they sell.
Now, a bit more about product. I am just trying it now, so I don’t yet know what this editor is capable of, however when I saw price, my expectations are really high - I mean, it should really do some magic! I do not consider myself cheap, when talking about development tools, I am user of some very advanced IDE (EDIT: name excluded to not be considered as promotion) which costs $199 ($99 if you buy on discount), if you interested only in web development there are non-Java versions of $99 or less. I would say this IDE does magic! So if ST is only text editor, I would say it is extremely overpriced for $70 compared to other tools or it must do something really magical!