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PSN and XBLA are full of $5-$15 new titles of comparable quality to full retail titles like Earthbound was.
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I take issue with that statement simply because $10 is smack dab in the middle of the range of Comparable Quality. So what your saying is in Earthbound's Peer group their are $15 games and also $5 games. That makes Earthbound at a Median price and not a premium price.
I still argue that it's a premium price for what's pretty much just a ROM dump. You want a more apt comparison? Fine, I can go onto PSN right now and buy the considerably newer Psychonauts (another cult classic game that failed at retail) and Persona 3 FES for $10 each. Final Fantasies 4-9 on the PS1 are also $10 on PSN, and non-Square Enix PS1 games are commonly priced at $5.99. Are you going to tell me that an SNES game should cost more than a generation-newer PS1 game, or for that matter that a ROM dump of a 30 year old NES game like Ice Climbers is worth just $1 less than a ROM dump of Resident Evil 2 on the PS1?
Like I said, I paid my $10 for Earthbound, and aside from the slowdown issues I don't have much of a problem with the product. However, Nintendo's VC pricing in general makes absolutely no sense when you look at the competition, both on and off Nintendo's digital download services, and I don't think Nintendo's justified the value proposition of their premium pricing.
All those examples reinforce the $10 price. In fact I would argue that Psychonauts is a rip off at $10 because its been relatively easy to get it for vastly less than that. In fact I have 2 copies and I paid all of $5 total.
The only thing your argument breaks down to is:
Earthbound is older therefor it must be cheaper.
Its software there is literally no damage to the actual product by aging. Unlike Physical goods. Which is why in general older is less expensive.
Final Fantasy 4 was released in 1991 and its on Super Nintendo Entertainment System, PlayStation, WonderSwan Color, Game Boy Advance, Nintendo DS, Virtual Console, FOMA 903i / 703i, PlayStation Portable, iOS, and Android. There has been no shortage of platforms and way to get that game. In fact I'm sure some of those are cheaper then $10 but by your argument it should be cheaper than Earthbound.
Final Fantasy 5 the game was made in 1992 but its first NA release was 1999. Not real shortage of options their to experience it.
etc. etc.
Earthbound is being priced the same as games who have had Multiple re-releases with no enhancements from around the same timeframe. They as well should be ROM dumps for all intents an purposes.
The price is currently fair market value. The next time they release Earthbound not so much.