Well, with the genuine PAM 203, you have to keep in mind that the old Angelus movements were part of the acquisition agreement when Richemont took over Officine Panerai, and that the movements were limited to what was in stock. So, issuing 600 203's would be completely out of the question, as there were simply not enough movements to supply a large production run. However, I believe that the amortized costs of these movements will show that these old Angelus movements were purchased for pennies on the dollar, if not less by Richemont; factor in what it costs to produce the case, dials, hands etc (which can't be too terribly steep, as they already had much of the basis already completed with the 127/217, as well as what we know from the cost of producing high quality PAM reps etc), and it's easy to see that Panerai is making quite a hefty profit margin on these 203's.
But, as with the laws of supply and demand, they can command the $20k for these watches, and people with the means will gladly part with their cash to own such a limited piece. The same laws apply to WM and his Angelus based hommage as well- No one else is offering these, and while the price may seem high to some, I see it as a fantastic opportunity to own a very unique piece with a bullet proof engine driving it.