I love the concept. It's really unique. I think the per-page cost is a bit high, especially given lack of editing. I think editing ability should be the first bridge to cross, even if it's really crude like delete-and-replace.
Agree with you, but the CC fee's are like 26% @ €1 (at least here in the EU with stripe) - so around $0.50 would be more 'fun' but I can see why it's $1.
What they could do is change the model so that you can buy X number of unique tokens for $Y that can then be redeemed to create a page.
This is a good example of how microtransactions make more things possible. Going lower than $1 is difficult with standard transaction fees.