Borderline, no?
That stuff's about $1 p/g isn't it?
It can be, theres varying grades in gyokuro depending on the region its from.
I generally go for a lower to middle grade of gyokuro, My palette isn't developed enough to tell the difference (heh) but I pay about $22 Aus for 50g (inc postage) which does me around 120-130 cups of tea.
I have found it can be cheaper to buy it directly from Japan, but I'm not entirely sure if I want to go through the hassles of importing it as I've always had troubles with Australian customs.
I know it can be expensive when compared to other teas, but I'm able to get about 4 infusions out of every serving so the price is much less than originally thought, plus its still significantly cheaper than other options (eg soda drinks)