The price is justified, according to Capcom.
Resident Evil: Revelations will be the first 3DS game priced at $50.
A Capcom representative told Kotaku that the reason the game has been priced at $50 is that "Resident Evil Revelations is an all new Resident Evil title with over 20 hours of gameplay, and cutscenes beautifully rendered in fear-inducing 3D". He elaborates, "A true console experience on a handheld device, Resident Evil Revelations is an epic title that offers both a single-player campaign for that classic survival horror gaming experience, and an additional RAID mode that can be played cooperatively or single player. To handle all of that data Resident Evil Revelations requires a 4GB cartridge, resulting in a higher price point."
The game will be released in North America on February 7, 2012.