I've got a Dell Vostro that's pushing 5 years old. I paid $440 (Canadian) for it. It does everything I need it to, because it's main purpose in life is web browsing, email, word processing, and exporting streaming video via HDMI to my home theater.
For that purpose any of the Mac lineup would be overkill.
So sure, *at comparable specs* the Mac pricing is competetive. But many people just don't need those specs, and for those people a Mac is simply overpriced.