Yup, like one of the comments mentioned: a Chinese's salary is 600€/month so spending 400€ is exorbitant. Salaries in India and some eastern European countries are equally low. I would've bought it if it were 200 - 300€. FxOS looks promising on low-end market: my Peak is working very well so far :)
I'll wait until Q4/2013 or Q1/2014 to see if they release a cheaper model.
[edit: other EE countries -> some EE countries]