I'm currently making apps for Disney and I price total projects based on a detailed spec (not hourly), but when you figure actual hours worked, I don't charge anywhere close to this rate.
Do you really not stay up until 4 am polishing the app even when you're over budget?
I typically take whatever I think it's going to be and multiply by 3. I'm usually 75% under budget with this method.
The market will certainly bear hundreds an hour.
Edit: I just saw you posted below about $40/hour. That's fine to overestimate when you're charging $40/hour. My comment is directed at Rothmic and malbiniak above. Apologies for the mistake, drewcrawford.
If the app isn't to our internal standards, we'll do whatever it takes to get there, even if it pushes us over budget (ie, staying up until 4am).
I think it's important that we make this clear to new developers, so thanks for clearing it up.