It's a lot for the size. I have one - I use the makeup clutch for my regular bag anyway, so the size is perfect for me, it's just a makeup clutch with a strap.
But when you compare the shoulder to the makeup, the price difference is pretty amazing - it's like $240 more. There's definitely a difference in the amount of effort to make the shoulder - there's piping around all the edges, and the added hardware for the strap, and an internal zip pocket, and the cutest little mini-mirror - but unless you're committed to the small size bag, I'm not sure it's worth it. (I can't believe I'm saying this, as it's entirely against my better interests given I'd been thinking of selling mine...)