Gamecube 1.5? Try Gamecube 1.1 -- the GPU chipset doesn't even have any new features. The whole kit is just an upclocked GC. The Xbox is more robust than the Wii chipset.
$250 is an insult. $200 is tolerable, and $150 is probably the most appropriate price. Sure makes the 360 seem like a steal at $299, though.