This piece and the links within it are worth reading if you’re interested in App Store pricing and why it’s all gone so pear shaped.
It seems that very few apps made for the general public are going to recoup their development costs. It’s not to say you can’t make any money from ‘hobby’ apps.
As the post points out most developers need to focus on working on apps for clients who already have a business model where an app can add value to their business but the app isn’t the money generating factor. I could be information, a store front, a map of their retail outlet locations or something they do to promote their brand via an app.
The gold rush is over.
Update: Or is it?
And excellent rebuttal to the above posts http://www.marco.org/2013/04/19/paid-app-market