Personally, if I feel a game is overpriced, I wait for a sale, even if I really want to play it.
However, I'd like to point out two things (edit: uh, seven things
) that may help us better respond to price-related complaints:
1) What price is "overpriced" to me, at my wage level, or cost-of-living in my area, may be "fair" or even underpriced to someone else. Other industries plan for that - airlines offer different prices on different days of the week for people willing to put up with poorer timeslots to get a better price, stores offer coupons for people who want to jump through extra hoops to get a better price, and so on.
So price isn't a one-size-fits-all and hopefully if I remember that, it may help me come up with flexible pricing options (including sales, bundles, coupons, bulk-buying (i.e. x4 copies), collector editions, etc...) to offer multiple price options to different customers. Not just cheaper options like sales, but also luxury options like collector editors.
2) Developers need to make a living, and we developers know that. But sometimes we get into the fallacy that because it has cost us X to develop, that automatically means it's worth X to other people.
If I waste 5 years making my game (which I have!), that doesn't automatically mean my game is worth 5 years of developer time. It could be (and in my case, is) an indicator that I'm learning as I'm going, and so have wasted time in some areas due to my inexperience.
Or to put it another way, if a company spends $200,000 making a hammer, that doesn't make that hammer actually worth $200,000. The company still needs to recoup it's costs and turn a profit, but the amount of effort and labor and cost put into a product does not automatically increase its value. The quality of a product increases its value (along with supply and demand, and etc...), but not all effort leads to greater quality. I know for a fact alot of my effort has been wasted - or, to put it another way, alot of my effort has been invested in growing my skills and knowledge, but doesn't necessarily directly increase the end quality of my game.
Me saying, "I spent 5 years making this game *puts on cool sunglasses*" sounds really impressive, but is actually unrelated of the quality and worth of the game. It's a false argument. It is an explanation for why I need to recoup my costs, but it's absolutely not an argument for why my game is worth buying.
3) At the same time, saying "It offers 200 hours of gameplay!" can also be a fallacy. If a game artificially stretches out its gameplay, it may actually be worse for some customers. 10 hours of really good condensed gameplay make be worth more than 30 hours of filler gameplay. So we can't overuse the "but it has X content!" arguement. Take Farcry 2 for example - it had a really large open world. But the open world reused alot of content, and was rather repetitive, and had alot of basically empty space. Don't get me wrong, Farcry 2 was a good game that I enjoyed, but it wasn't pure meat - it was stretched out with hamburger helper. So Farcry 2 might say (at the time) "We have one of the largest game worlds ever!", but we can be deceiving ourselves as developers (not to mention our customers!) if we don't realize that our game worlds are stretched out, and think that all content is created equal. Not all content is created equal, and not every hour of gameplay is created equal.
4) Humans are worried about their wallet, and they are also worried about not getting "ripped off" - people are also obsessed with (the perception of) getting good deals. The Macy's debacle a year or two ago shows us that people would rather be lied to and pretend they are getting a good deal, than being given a fair and honest price.
With this being the human mind, it's very important to not take their price-related complaints personally. As artists, sometimes we put too much of our identity in our work, and any unjust criticism of our work we can accidentally take as personal insults without realizing it. When a customer says, "It's not worth that price", they really mean, "That's too high a price for my mental or financial state, I'd like it cheaper if I can get a better deal", but we take it personally as, "You developers are not worth feeding. Your work is crap. You're a failure. You shouldn't even be making games. Why are you pretending you're a professional?" and other lies we tell ourselves.
5) As a gamer, I don't know whether I'll actually like some games or not. Or maybe I think I'll like it, and then I play it, and it turns out I actually love it. I remember I bought Dungeon Defenders for (I think) $15. After playing the game cooperatively for over 200 hours, I can honestly say it's been worth at least $80 dollars to me even at my very very tight finances. But there is no way I would've ever paid that beforehand. There is no way I would've known or even guessed it would've been worth that much. Here's where DLC can come in handy - I did buy some Dungeon Defender DLC to get more content - I think it's the only game I've ever explicitly bought DLC for (rather than it being bundled with the base game). Not every game fits the DLC model though.
So we can't be too harsh on customers for not being able to magically know how much or how little they'll enjoy the game before they play it.
We ofcourse think they'll love it, but different people like different games, so just because we like our own creation, doesn't mean everyone else does, and since different people like it different amounts, doesn't it make sense that it's worth (to them) different amounts?
Further, people complaining of price probably:
A) haven't yet bought the game and so don't know if they'll like it - their "not worth it" complaints are based on guesses, so don't take them personally.
B) bought the game and didn't like it - a refund might genuinely be in order, and here you might actually condition your refund on them giving good feedback to you. "I'll be happy to refund you. To help me improve my games in the future, could you tell me what parts you liked and didn't like? If I implement your feedback in a future game, would you be willing to help me test it to give even better feedback? (which may lead to them becoming an alpha/beta tester for your next game, and getting mentally invested in it, purchasing the released product, and becoming a long-term fan)"
C) Or maybe they bought the game shortly before it went on sale, and now they are psychologically annoyed that they got "ripped off" because other people got a better deal then them.
6) If a customer says, "the game's not worth X", what he's actually doing (unbeknownst to himself) is giving an opening for me to expound upon why he might like the game. Telemarketers cold-ring customers and try to sell them things they don't want. If a gamer shows up on my internet-doorstep, it's because he already wants my game. I should use that as an opportunity to expound upon what makes my game greater than the other games he's look at. He may just be looking to give himself permission to spend the money, because he already wants my game, already is on my forum (or on my game's Steam sub-forum, or tweeting about my game on twitter), and himself opens a line of dialog with my community, and by extension, me.
The worst thing I could do is start bashing him and trying to guilt-trip him because I need to feed my family and he's a monster who doesn't appreciate the oh-so-holy art of game development.
Whenever I finally complete my game, if someone criticizes the price, I don't know what stupid thing I'll say. I tend to say alot of stupid stuff spur-of-the-moment that I regret later. But I hope I'll remember to take a deep breath and then either not reply, or reply in a friendly way. Who knows? Maybe I'll win a sale or a fan - if not the complainer directly, maybe a lurker who happens to read my response.
(This post is slightly rambly, sorry for the poor quality of the sentences)