The limited edition in europe was not overpriced. The inflated price you see now is because the version is limited. The normal priced copies are all sold out now and you may only get overpriced stuff from resellers (Scalpers?).
That's normal capitalism. If supply is limited and demand is high than the prices rise.
The high prices of the limited edition indicate that nintendo could have printed a little bit more. But that's always easy to say in hindsight. However the game is a niche game and if Nintendo had printed too much they would have lost money. I think NoE handeled the release of the game quite well. I saw the limited edition in shops for a short timeframe, so it was at least possible to get it, if you were interested. The price was 60 € which seems fair, if you consider the content.
Critizising NoA for no physical alternative is of course legitimate.
