I guess I can see it both ways. Although I’ve only played in a few games, those have been stretched out over a long period of time. I think I first heard of MEPBM back in the early 90s, probably through an ad in Dragon Magazine, or maybe from a sample issue of Flagship. As an unemployed high school and then college student, I dropped relatively early in the three games I played with GSI, mainly due to the $6.50/turn fee. It was high then for a PBM game and the setup/rules fees were astronomical for the genre. However, the game was of the highest quality and a leader in the field.
Of course, that $6.50 included manual entry of all turns with no helper programs, envelopes, postage for 12+ pages of turn reports and order sheets, and the other costs related to running a paper game, such as printer ink. One would assume that for most players much of those administrative costs no longer exist due to email.
If anything, MEPBM probably should have gotten cheaper. It’s not cutting-edge, it’s not as expensive to run, and it hasn’t been significantly improved. (I’m talking about the core engine here.) While compared to the price of one beer almost everything is a “good deal”, MEPBM doesn’t hold up as well when compared to other forms of entertainment and gaming. Everquest-type games are an obvious example as are the multitude of computer games with free online play, “fantasy” sports games, etc.
IMO, MEPBM is just plain bad value for one’s money. On the other hand, that is the case with most luxuries–a good single malt scotch probably isn’t really “worth” the premium you’ll pay for it. Same for cigars, luxury cars, whatever. It’s difficult if not impossible to find a hex-based wargame with relatively simple but solid wargame mechanics that also includes an economic game, an espionage element, and the opportunity for detailed, involved diplomacy. Throw in the Tolkien setting and you have a pretty unique product, the type of thing one might expect to pay a premium for.
Like I said, I see it both ways. I guess I’m most sympathetic to the view that in the email age it seems like the game should have become cheaper, not more expensive. But the market will decide, as usual.