The only tunnel test data I have seen was of the ADA wheels, not the Lightweights, and while they weren't Hed 3's, they didn't do "poorly" either.
The Obermayer wheelset is about 2 grand more than a "standard" Lightweight wheelset.
Price is usually determined by what the market will bear, and given all the pro riders who buy these wheels at full pop, I would say that the price is plenty fair - especially when these same riders can get Zipp-Campy-Shimano-Mavic for free (if they aren't actually paid to use them.) EG LA, Cippolini, Ullrich, Riis, Hamilton, all the Manolo Saiz teams...
If you determine price by technology/difficulty of manufacture/etc. - well, the bike frame comparison is certainly apt. ADA/Lightweight wheels are crazy silly to make. Yikes! No wonder they are expensive - I doubt any of the carbon frames on the market are as big a pain in the A** to make...
Hands down, ADAs are the best wheel I have ever used. Haven't used Lightweights, but they are very darn similar. Good aero-ness, extremely lightweight, and also note that these wheels are pretty darn indestructible - I probably would have been better off buying a set of these than the several sets of 404s I have broken...
MH
Tech writer/support on this here site. FIST school instructor and certified bike fitter. Formerly at Diamondback Bikes, LeMond Fitness, FSA, TiCycles, etc.
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