I actually thought about this last night. I dread to think what these cards are costing to produce.
Doing some maths I came up with the following regarding the Ares. The retail price is £1199. There were a thousand made. So that means a final selling price of £1199000.
I've been out of retail for a long time now but I do remember that the profit margins weren't very big selling PC hardware. So let's say OCUK are making a couple of hundred quid out of each unit, that leaves Asus with around £999 ish per unit. Reculating that to the thousand produced gives you nine hundred and ninety nine thousand pounds. Pretty much a million quid.
What I don't know of course is how much the cards cost to make. I have a rough idea of component costs of the main GPU and ramdacs as it's quite easy to work out, but the only black hole is how much Asus paid to have the custom PC and cooler designed. I bet it was a pretty bloody penny though ! Good R&D doesn't come cheap, that much I know from working in R&D for a speaker company. Once the R&D was done though component costs could be driven to almost nothing but the costs of R&D took years to recover and profit from.
I also know that any kind of billet CNC doesn't come cheap, and I would imagine copper machining costs even more. And of course the cooler and PCB are the parts on this that Asus will have to live and die by. The rest has all been taken care of by Nvidia (or in the case of the Ares ATI).
Sorry if that's boring.. I just find it intriguing.