I'd probably pay that much for a good multi-player game, but a single-player focused game would have to be real neat with a real strong hook for me to bother at that price point. Then again, I've never been part of the significant purchase power, so maybe losing people like me won't matter too much.
For reference, $70-$80 is a bargain for a new game in the homeland, and the resale and home rental market is nearly non-existent. Unsurprisingly, piracy is everywhere.