No you are right, in the US store, the leather case is ~$70 and this wooden one is ~$70 (not counting shipping or anything).
Ugh, when did cases get so ridiculously expensive? These are really rather exorbitant prices IMHO. For what these things are, I'd maybe part with...$12-15 for the polyurethane one and $20-25 for a leather?
At $40 or $70 (respectively), I'd need a case to protect my case.
In the NL Apple Store, polyurethane Smart Covers costs €39 each while a leather one costs €69 (in Apple's eyes €1 = $1).
This wooden cover costs €50.
I don't think it's fair to compare wood to polyurethane, but feel free to do so in order to make your argument stand.