No, actually, that's not what they said. They are defending the price on the basis of the amount of content they are putting in.
The big problem is, they announced the price and did not announce much detail on the scope of the content. We have a sense that it's big, much bigger than the two prior expansions, but beyond that, we just don't know how to stack it up against the scope of the expansion. I'd have either announced a general list to help provide some sense of the scope (X strikes, Y MP maps/modes, Z story missions, etc), or held off on announcing the price until they felt more comfortable doing so.
Right now we're in this odd place where we know the price, but not the package that price entails, and so they have to defend it without being specific, which is rather awkward.