Today I looked through a large limited edition $500 photography book with a signed original inkjet print by the photographer (who's name I can't recall right now), loosely placed in the inside the front cover. First I was surprised a book would cost $500 - but I got excited when the bookkeeper told me there was an original, signed B&W print in it. When I opened the book I discovered the (although lovely) B&W print was an inkjet print (with the possibility of possibility of hitting the reprint button many times over), sold in such an expensive book. The book did show beautiful work.
It's signed, it's a limited edition book — they can ask whatever the market is willing to pay. Personally, I would not be interested in it because of the inkjet print, but that's only my personal opinion.
I have spent what is probably a frightening amount on photo books, mostly secondhand or remaindered - the most I spent on an individual book was IIRC US$350 for a copy of "Mirrors Messages Manifestations" by Minor White - worth every cent. At the time, this was one of a very few new copies left. Aperture were offering the same book but with an 8x10" bromide by Minor White included for around U$800 - I did not consider this excessive but decided against buying it, thinking I would rather have 5 $100 books than one print. My biggest regret - buying only one copy of David Bailey's "Goodbye Baby and Amen" when I saw them remaindered for £3.50 - now selling for 20 times that, or indeed anything up to $500!
I would not pay this much for a book especially these days with Internet shopping and used books at our finger tips. My daughter purchased a Robert Mapplethorpe book for me for Christmas for $15 in a used book store. It’s a $60 book in perfect condition and out of print. With regard to the Inkjet print, if it’s a strong image that evokes some emotion or feeling I don’t really care how it’s printed. BTW I have a huge photography book collection.
If the book inspired me enough I'd pay any reasonable price, $500 seems to me to be good value. I learned the lesson 20 years ago when I wanted Harry Callahan's "Cape Cod" and located a copy for $1500 but refused on the grounds that it was too expensive. I've regretted that decision many times since then.
I think $500 for a book with an original print is not expensive even though the print is inkjet. Theses days I've seen inkjet prints made with pigment inks on high quality paper sell for up to £500.
My own book collection currently valued at about £20,000 is a constant source of inspiration and information to me so I think it's money well spent.
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"Digital circuits are made from analogue parts"
Fourtune Cookie-Brooklyn May 2006
Photo book prices seem to be sky rocketing no matter who the book is by or whether or not there is a print included. Have a look at photoeye.com and their book list magazine. The current issue shows some very limited editions that reach as high as $50,000.
Today I looked through a $500 book... 
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