"The reason is simple: the Gray Market."

John, thanks for your thoughtful reply, and for the time you took to 
write it. I appreciate your insight into the retail photo business.

Something still doesn't seem right though. Your argument about gray 
market would make sense if supply exceeded demand. But for a while, 
demand for the K10D will exceed the supply. No seller in, say, Ulan 
Bator or Malta, will need to resell the camera to a dodgy retailer in 
New York. They can sell locally all they can get, and then some. B&H and 
Adorama have offered it for more than the list price. They couldn't do 
that if supply would exceed demand.

The whole thing still sounds fishy to me. Maybe its just me. And maybe 
it is more important for the list to fight with JCO or talk about the 
Swiss navy.

Joe

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