I'd pay $200 for a real sequel to the first three Zelda games on par with Zelda 1 or LttP in style and content. An actual Action-RPG with non-linearity. Not the linear, puzzle-filled adventure games with talkative partners we've been getting ever since Link's Awakening.
The most powerful army, in, HISTORY. YAAAAAAYYYYY.
I would pay $200 for another Xenoblade, or even a console sequel for Solatorobo (but with more difficulty and move variation of course), or even a REAL Super Mario RPG 2.
I don't mind spending money on good games or even rare games. A hundred of my video games in my 1500 game collection range from $100-$500. It's a pity though that Nintendo is usually stupid when it comes to deciding what the next "good" game will be about seeing how deep its past is. If only we had an "Acti-tendo" to actually milk what people wanted to the brink of buying it anyways as if they were peddlers of crack. :(
not sure if I would cough up that much for any game exactly. Though I did pay 200+ over the long term back in my Everquest days. Played it for about 2yr at 10-15 a month plus the cost of the game and 3 expansions.
I know of a few games that you can't find for under 200 if you were trying to get them but it's just not worth it to me to spend that much. One that comes to mind is Ever 17, even used it's about 400. I would find other ways of playing the game rather than spending that much for it. The closest I would say is Xenogears. If I found a limited edition of it and knew Japanese I would possibly spend 200 but that is a big if and at the moment I don't know Japanese.