I don't really care about PFE's cost. The amount of particle effects, the extra dev time in creating level up skins, the extra V/O etc... All increased development cost. That said having an optional skin that you don't have to buy and doesn't increase anyone's power at all and is purely cosmetic doesn't really effect your game at all. If you don't like it don't buy it. It hasn't become their new pricing model, and thus far is a one off. I can see them maybe doing a few skins a year at that level of increased quality. To say that their releasing PFE decreases the amount of enjoyment you derive from the game is like saying Porsche's new release of a car at a higher price point decreases the joy you have at driving your 911. (And the skin was 1/2 off at release, making it cheaper than any of the legendary skins that are currently available.
http://na.leagueoflegends.com/board/showthread.php?t=2298171)
That said, many of the new skins coming out @ 975 RP are vastly superior to old legendary skins. (Compare Tyrant Swain to TF Legendary.) Combined with total model remakes+all skins updated on Ashe, Katarina, GP, (For FREE) the overall quality is going up along with having a traditional pricing structure.
Riot as a company has more interaction with their players than any other company I have ever seen. They explain many changes in depth, provide help, play games with the community, implement community skin designs, create champions based on community ideas, (See Lee Sin), are super supportive of the e-sports scene (Unlike Blizzard), admit their mistakes and quickly work to resolve them and in general are on of my favorite developers by far.
Letting one skin release that you just happen to disagree with ruin an absolutely fantastic gameplay experience just seems foolish in the extreme.