Mmm...
Morally, ethically and logically it's wrong to sell this application for this price point, especially just for status. Technically and greedily, it's right!
But on every other level, it's just flat wrong!
Besides, someone will buy it or obtain a copy and bypass the FairPlay DRM, then anyone can have this app via jailbreak or something! Or they'll just copy the concept and idea and tack on outragous prices to their apps.
I just don't think Paris and Britney are gonna jump to iTunes for this!