I agree with Rexy, I kind of think this thread is a bit pointless.
I don't understand what's wrong with high hat prices, because if they were low everyone would buy them, and they would become much more of a commonality then they are now. I even think that $5 is a great deal for hats compared to how much people actually want them, even though I think it's pretty immature to buy yourself a hat or content you would normally get for free.
As for the anger, I would try to put it in this frame of reference. This add on to the game is quite simply additive. What that means is that you can completely ignore it and continue with your business, unlike weapon modifications which will be there whether you like them or not. So, simply put, ignore the store, it's over priced and the satisfaction isn't anything close to what you would have if you found or crafted the hat yourself.
If the Valve marketers want to make money off of a TF2 store my personal opinion would be to sell weapons for really cheap, under 50 cents, and not sell hat's at all. That or have a monthly hat that will go on sale for $15-20. This isn't a major source of revenue for modelers imo, I don't see why the weapon prices should be so expensive.
EDIT: @FaTony, please stop raging at Valve, it wasn't them collectively who made the decision, and it certainly wasn't in mean spirit. This isn't SPUF, come on.