I could maybe understand your reasoning from a cost vs. performance perspective, but I don't get this at all...To argue your point, between the zippers and the coated cordura, this bag is seemingly waterproof (outside of a torrential downpour). And that's without the added rainfly. No other bags on the market that I know of can say that. Is it overkill for someone like myself that lives in water-starved SoCal? Definitely. But to someone who may live in more of a rain soaked part of the country, where they would value that type of feature, it might certainly be worth the ~$30 markup from a Grip/Voodoo/Mahal. In other words, "value" is dependent on what the user is seeking from their product. That space-age hammer obviously serves a practical purpose to a smaller percentage of people who value it for what it is. Same goes for this bag.
All that said, I don't think that the price point is bad at all considering the features, the materials being used, and the overall ergonomic design. Comparing it to the other higher end bags that I mentioned before, I can see much more of a valued price point with the LB. I still don't know how Grip can get away with selling their bags for what they do outside of people simply paying for their name brand. The new AX15 Grip bag is priced exactly the same. $279. No waterproof zippers there, but guaranteed people will be scooping those things up like they're candy!