I have a feeling that price will drop before its release. CBS's Dick Van Dyke Show Season 1 Blu-Ray release had a list price of $60 and is now available for half of that.
It's good to see CBS upgrading I Love Lucy into the next generation of home video, though I doubt it will be the last to come. The show's 35mm film negatives contain over four times the amount of visual data that Blu-Ray can handle. Of course, that added clarity wouldn't be very noticeable on today's mainstream HDTVs. But that does mean if 4K or 8K Ultra-HDTVs become "a thing" within the next few years, we'll likely see ILL in yet another format down the line (not to mention the possibility of colourized versions). Ultra-HD is already quite popular for digital cinema screenings, though it has yet to catch on amongst average consumers.
It's also worth noting that I Love Lucy has already been available in HD from CBS for over a year now, albeit in a highly compressed online format. Many HD-quality episodes are available fairly cheaply to stream on Amazon.com or to download on iTunes. It will be interesting to see how well these Blu-Ray discs sell now that online TV streaming and downloading has become so popular within the last few years. A lot of episodes of the show are even available for free on Hulu. Plus, many people assume that "old stuff" can't possibly look better in HD, which may automatically draw some away from this Blu-Ray release.
On a related note, CBS also created an HD package of all I Love Lucy episodes for syndication after they completed the series' restoration for DVD a few years ago. I haven't heard of any networks using this HD set for broadcast yet, and I'm not sure why that is. Perhaps the demand just isn't there. I did, however, notice a couple of these HD snippets in Macy's 150th anniversary commercial a few years back.