If it's made like the heavier multiple-use space blankets, which run around $8-12, the price isn't that outrageous. I'd be willing to buy one and try it car camping sometime (when I had a regular bag to fall back on). If it's made like the one-time-use space blankets, I'd agree with Sharptooth that the price is high.
With regard to the question of whether they are warm enough for cold weather, one could try carrying two and nesting them. Two would weigh 24 ounces and cost about $60. That would still be lighter than most top-of-the-line ultralight bags and perhaps cheaper (depending on their durability). I believe the lightest 800 cu in/oz down +20 degree F bag from Marmot weighs about 32 ounces and costs around $200-250.