The thing to remember is that ATi is a price maker this time, last 3 times they were price-takers, since nV set the bar and ATi priced against it.
I would be surprised if ATi launched low, compared to launching high, and then dropping the price every month, and especially keeping reserve pricing to see what nV brings.
The main issue will be the performance versus old cards, and the pricing thereof.
Almost regardless of the set price, there will be other HD4K and GTX# cards that will offer better price/performance initially, just like every other launch in recent history, with some SLi or Xfire solution offering more initially too.
However I would not be surprised if they launch with a very high price for the X2, and then a somewhat high price for the HD5870, and then a more 'ok I could probably afford that' price for the HD5850 and it's bretheren to start with.
Without competition, and with any potential worry on a run on cards initially, there's little pressure to price them at any discount so much as introduce a price, and then after the eager initial adopters with deep pockets buy every new card available, then slowly start dropping the price to meet the demand/supply equilibrium.
It sucks if you were expecting some type of value-sale initially, but it's pretty much what everybody in business does, and I suspect that without any other pressure AMD will do the same to at least get max margin initially.