Many of the people saying $1 is too much and saying at 50 cents they'd get way more play and make more money are not taking into account repairs/maintenance.
If the game at 50 cents gets 3 times as many plays as the $1 game, it's probably making less money after you factor in the increased cost of repairs/maintenance. It's not as simple as more plays = more profit.
Pinheads gladly spend $100 on some piece of crap mod with an LED jammed in it. But are 'outraged' at $1/play.