I'll throw my 4 cents in for what it's worth!
I did this race last year and I'd hate to think that any of the "stuff" that was out there in 08 was not going to be there again this year - there was plenty of food, drink, course markings and support etc. So with sponsors (or not) this was extremely well run, especially considering it was also the first event (and I hope they made money too).
I have participated in 7 Ironman events at a cost of around $650 each (taking me around 13hrs)
Sydney Marathon costs $150.00 (say 4 hours)
Keeping in mind the amount of organisation required for this event I reckon $ for $, km for km, hour for hour the entry fee is pretty reasonable.
If you want an event raising money for charity, do the one run over a similar course the fortnight before - details at
http://www.wildendurance.org.au/Otherwise save up and do it - it's an amazing event!