I don't know that this price is all that bad really. It is expensive relative to other digital cameras (but I'm not sure what one can compare it to). But do keep in mind that a decent part of that price is likely due to the lens.
I remember trading some gear in for a Contax T3 in 2002. At the time, that camera was being sold for about $1200 CDN IIRC. I believe it sold in USD for about $1000. In today's dollars that would be about $1200 US.
I see the X1 as being an evolution of the T3. Same lens, but digital, and with all that digital offers and for (only) $800 more than the T3.
Yes it's good chunk of change. And yes the image quality is going to have to be outstanding for me to give it a second look. And yes one has to wonder about a few of the decisions Leica made (2.8, LCD pixel count). But I don't think the price is crazy.
The real question is what will the viewfinder cost?