The laptop costs much more than 500 dollars(about +1000 dollars). Its only the graphic attachment/eGPU box which will cost 500 dollars(without a graphic card I believe?). If you ever looked into the ultrabook marked, you would be surprised what the price of these small machines because they are indeed overpriced(both producers of windows and Apple). But you are not paying for the graphics card and strong performence but rather a energy efficient processor with decent performance, small portable laptop design and a long battery life. All what this razor laptop is aimed to reach like a MacBook Pro. The target group of ultrabooks are not gamers but rather for people who use their laptop for working and school, and need something light and portable with good battery time. 7-11 hours per charge is a little more useful than 3-4 hours for the normal cheap laptops.
But Razor changes everything with its Razor Core which brings features of the Ultrabook together with gaming, which nobody as I know have done before.