An Urban Decay eyeshadow single retails for $18 for 0.05 ounces ($360 per ounce), so, using single eyeshadow prices, the Mother Lode contains $1224 worth of eyeshadows. The Mother Lode comes out to $175 per ounce. By that logic, it sounds like a good deal.
The Urban Decay Naked Palettes retail for $52 for 0.6 ounces of eyeshadow. That's $86.66 per ounce. I chose this as a benchmark because it's the quintessential Urban Decay eyeshadow palette. If the Mother Lode was being sold, ounce per ounce, at the same price as the Naked Palette, it would cost only $294.64. That's $300.36 less than the price of the Mother Lode.
The new Urban Decay Vice 2 Palette is $59 for 0.6 ounces, or $98.33 per ounce. At that price per ounce, the Mother Lode would cost $334.33.
The Urban Decay Ammo palette is $34 for 0.3 ounces, or $113.33 per ounce. At that price per ounce, the Mother Lode would cost $385.32.
No matter what palette you pick for comparison, it is clear that the Mother Lode is overpriced.
Presumably, Urban Decay priced the Mother Lode so high because they wanted to avoid de-valuing the cost of their single eyeshadows. However, the price borders on the ludicrous, no matter what Sephora and Urban Decay try to tell you about the "discount" you are receiving. I'm forced to conclude that those who buy this product for personal use (as opposed to, say, splitting the shadows to sell at profit) are people with more money than sense.