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It costs a lot for several reasons I should think.

1st as with all MMOS its huge. Regarless of the graphics quality it will cost a lot due to its sheer size.

2nd its entirely voiced. Which is looking to be INCREDIBLE

3rd its star wars. Its probably got a hefty licensing fee attached?

4th seetting up a backend for something like this will be expensive.

The list goes on. But its Bioware, it should be a very good game. It may lose some people to GW2 but it will gain people who are fans of their single player RPGS. The multiplayer dialogue system, the star wars setting, the bioware name etc should bring in some people that might generally not play MMO's.

But then again, who knows?