I applaud you for tackling this niche, but $120/year seems a high price. For example: this is the same price as a 50Gb plan on Dropbox.

There are some features that could make this really valuable - such as automatic parsing/importing of recipes from other sources, or a tablet app with syncing for offline - but if these (or any other value-adding features) do exist, you really need to expose them on the front page.

Have you looked at http://onetsp.com/ ? Their freemium model allows a limited number of recipes. Pro version is $5/year.