So we need a RasPi with either a $2 solid state relay (on/off) or $8 triac (on/off/dim) and a powerline ethernet interface.
Then its about $45 and open source. Of course it isn't in the fancy package.
Of course if we want to go that route, then an open source board using say an ARM Cortex M4 (like the ST Micro 32F4) would get the parts cost down around $10 - $15. I'm guessing that is how Belkin implements this as $50 is about 3x that cost.