I find that's the going rate for better camera backpacks. I needed a camera/daypack to replace my aging (read: ugly) Lowepro Fastpack 250. A major feature of the bag was that it shouldn't look like a camera bag, and that it should be comfortable and spacious enough for my needs. I came across the Vanguard Kinray 48 in a magazine ad. Took the plunge ($150 at Costco, cheaper on bestbuy.ca), and it was better than my Lowepro in every way EXCEPT for the damn zippers. They're so thin that I feel like if I pack it too much everything will spill. But that said, it's mostly for going out on hikes/longer photo walks, and it's uber-comfortable with space to spare for other non-camera items.
It was the Vanguard or the F-Stop Guru, but configuring the latter to what I want would've been $$$$.
Vanguard Kinray Digital SLR Camera Backpack (KINRAY-48GR) - Green : DSLR Cases & Bags - Best Buy Canada