I recommend you not to trust the price listed on the UE official website. Trust me, the sound is worth $200, no more than that. But still it is a good deal by Amazon, and the sound quality is much better than those Beats craps.
There is no catch. MSRP is MSRP, just a SUGGESTED price. These have been in the 150-200 range for several years. Brand new and spanking awesome. At least the ones from Amazon are. Also, these have now been discontinued so I would expect once Amazon's stock runs out, resellers will be raising prices.