Sure the cost is huge but keep in mind the following,
A +0 lvl 4 new magic pendant has:
20% dmg reduction, 5% cast speed, 10% mattack, 10% mcrit dmg, 6% mcrit chance
A +10 lvl 3 water dragon pendant has:
+202 mattack, +1344 mcrt dmg, 12% mcrit chance
The new pendants are extremely OP, they are not meant to be had by the majority of players, moreover they dont break on failed enchant. I agree that the cost is exuberant but so are all other OP things currently ingame.