Centy: It could be worse it could be £5 in the UK which is nearly $8... oh wait that's exactly what it is.
I had a look and had it been the right price (eg £2.99 tops) then I may have taken the punt but in the UK atleast they priced themselves out of it.
bansama: Don't be so ready to blame the devs on that one, it's very likely that Valve forced that on them. While Valve claim that publishers set the prices, the reality is (at least for indies) that Valve "suggests" prices to them. Valve have also been known to overrule pricing suggested by indie devs, implementing a higher price of their choosing.
I've always wondered if Steam is handled exclusively by Valve or if they have some agreement with another company that has the two managing the service cooperatively. I can't imagine Valve doing it alone, since it's about the only thing they put out that isn't 100% flawless. Even with their screw-ups, Steam is still a great service, and I use them regularly.