There is no way this card is going to slide in at $150. It will actually turn out to be a decent little litecoin mining card, probably getting 350KH/sec or so. With the market price for the R9 270 sitting at $230, the price for the 265x will be closer to $190 before it's all said and done.
And even approaching $190 it will be a good value. I know this drives the Tom's editors nuts, but this card will be perfect for someone interested in dabbling in litecoin (or any other script) mining. Just pop this into a PC, use it for mining when you're not gaming. It's not going to overheat your system like a bigger card might, and by the end of the month, you'll have a nice $30-40 rebate (yes, net of electricity). Of course there is risk in that, as the prices are fluctuating, but it could be double that (or it could be zero). Even so, I think it's better odds and quicker than a mail-in rebate. Plus, if it works out, you get that rebate coming in month after month.
Just another take on "Value". The inflated prices of the AMD cards really are justified for those gamers who are savvy enough to take advantage of that.
Finally, for those complaining about AMD prices who are not well versed in economics 101, neither AMD NOR the vendors set prices. The MARKET sets prices. If anyone tries to fix prices lower than what the market demands, the result will be a shortage of cards. So, the inflated pricing is what the market is willing to pay, and the only thing that will cause the prices to fall will be a decrease in demand (i.e if crypto currencies continue their current plunge) or if more suppliers jump into the mix. Otherwise, it's useless to blame anyone.