Yeah, yikes indeed. Nearly $8 a figure would be a scary thought. Sure, we saw those prices in TPM days (or at least we did around here), but we've seen it come down since then. I've often wondered what pricing would make a lot of us drop "out of the game" so to speak. Its hard to say. So many of us (myself included) have paid $15-$25 for exclusive figures over the past couple years, so who knows how high would be too high.
I think jedijaybird's thoughts on doing away with Legends, and limiting the basic figure releases would be the start of how things would go. I definitely don't want the higher prices, but I could live with fewer releases, that's for sure. If everything did go up that much (or higher), I would have to reconsider what I could afford to collect. Its sometimes hard enough now just keeping up with the basic line (figures, comic packs, vehicles, etc.), so I wouldn't want to think about it at the higher pricepoint.