Definitely sticker shock for the average HF customer, but I'd hold out judgment until all the specs are compared. The pricing on these Icon boxes isn't much below the SO Classic series boxes, but they line up more with with a Masters or Epiq series in terms of specs (assuming HF's specs are accurate).
For instance, comparing the 73" Icon box, they advertise it with an 8,000 lb capacity, 265 lb drawer slides, and 33,874 cu in of volume. The SO Classic 73" lists at $7000 but only has a 2,400 lb load capacity, 120 lb drawer slides, and 31,237 cu in of volume. Even the US General box has more load capacity than the SO Classic, and it's only $1,200.
If you go up to the SO Masters KTL7023 the price jumps to $11,780, but the specs are a lot closer to the Icon, with 6,800 lb load capacity, 227 lb slides, and 38,916 cu in of volume. So you're still talking about the Icon box with nearly identical specs being less than half the price.
Ultimately I think HF's downfall on these Icon boxes will be a very limited clientele. You can already see from the reactions in this thread that your average HF customer will think this is overpriced, even if its not for what you get. There's quite a niche customer that will pay $5,000+ for a tool box to begin with, and most of them are tool snobbish enough that they would rather buy an inferior SO Classic just for the name and reputation. So out of that small niche group only a small percentage will even set foot in HF.
Then on top of that, HF has the disadvantage of people needing to have $5,000 cash (or credit card) versus the tool truck extending credit, and taking your mom's boyfriend's uncle's Craftsman box as trade-in with a value of more than it was worth new. Which again, isn't conducive to the customer base they have. If some SO fanboy who uses his toolbox for a living can't afford to pay cash for a toolbox, then it's doubtful that the guy down the street coming in for a $5 Pittsburgh ratchet is going to be able to afford it either.
Lastly, as some others touched on, you have resale value and just general perception of the brand. Even though the specs are more impressive than a lot of SO boxes, the general perception is still that HF is cheap junk. Maybe eventually the Icon name becomes more household and the resale values stay reasonable, but if the Icon brand is a flop and very few of the boxes are sold, the resale value will be almost nothing. Meanwhile SO's resale value is buoyed not only by long lasting quality, but an almost collect-ability or cult following.
