You also have to remember that one of the reasons that anime DVD box sets cost so much more than U.S. TV show sets is because anime, despite how popular it current is, is still a very niche market. I certainly don't have and sales figures to back this up, but I can guarantee you that Fox sold WAY more copies of The Simpsons Season 5 than Viz sold of Ranma 1/2 Season 5. Thus, Viz (or any other anime company of your choice) has to sell its box sets for more money in order to turn an equal(ish) profit.
By refusing to buy anime sets until they go down in price, a downward spiral occurs. You don't want to buy until prices go down, but prices won't go down until more people start buying.
A similar (although slightly flawed) comparison can be made with the videogame industry. I remember back in the 16-bit days, regularly paying upwards of $70 or more for a game. I distinctly remember shelling out $70 on Thunder Force III for Genesis. Awesome game, but nowadays, I would never pay that much for a videogame. Back then, though, games were still a niche market. Companies had to charge more to turn a profit. After a few years, games began to catch on, sales increased, and prices dropped. Now, most new games are released at $40.
Of course, there's the whole issue of the cost cartridges vs. CD/DVDs to help lower the price, which makes the comparison a bit flawed, but I think that the point still holds up to a degree.
The point is, anime DVDs aren't going to go down in price unless people start buying them. And I do think that anime downloading will hurt the industry in the long run because most fans don't bother looking at the big picture. They tend to only see "It's gonna be too expensive to buy Naruto on DVD. They're gonna charge too much. My downloaded fansubs are just fine."
Of course, this comes from someone who owns all the Ranma and Lupin DVDs. And Urusei Yatsura, too. God bless Urusei Yatsura.