People spend lots of $$$ on other parts of their bikes, why not pedals as well? Do we need to ride on frames that cost over $500, $600, $800 - no, but some do. Why - because they can afford it. IMO, pedals are important as they are one of the key body contact points. I'm not saying that I would spend $200 for a pair of pedals, but some people might... and more power to them.