Sadly, the technology is lagging for bike lights, and in the few cases where it's up to date, you have to pay through the nose for it. Cateye just came out with a new version of their Singleshot light. 1 single 1W LED. $80. There's a dual 1W LED version too, but I don't know what it costs (nor do I care-no way I would buy it). Light & Motion's Vega is 2 years old and hasn't been updated (LuxIII). There's a couple 1W LED lights out there, but they're still $40-60 for most of them, and regulation circuitry is likely nonexsistant or minimal at best. For a regulated, up-to-date LED bike light, expect a couple hundred bucks, easy.
It seems that we're paying mostly for the specialty niche of high-powered bike lights. Even though the technology isn't that expensive, adding specific mounts, clamps, and stuff like that adds to the cost, and adds to to the "specialty"-ness of the niche. Basically, either they need to charge "so much" more for these lights, or because it's such a specialized niche, they [/i]can[/i] charge so much. In fact, it's probably both, although I'm inclined to think it's a little more the latter than the former.
As for finding any in a small, B&M bike shop, well, that's going to be even harder. Every bike shop around me seems to carry the same same plethora low-end stuff, and then a few top-end HID lights. And nothing in between. The exceptions were a comparatively large independent shop, and a corporate chain shop (Performance).
The reason for this is simple: They're not going to stock stuff that isn't going to sell. Like HENDO said, the vast, vast majority of people won't spend that much for a light. Those that do will either get one on the internet, or have it special ordered. Otherwise, it'd just sit on the shelf for months collecting dust. Last week I was in 7 different bike shops looking for a 44T 4bolt chainring bash guard and carbon fiber bar-ends. No luck. The reason is simple. Nobody buys CF bar-ends as an impulse buy, so they don't stock them. And there's too many tooth and bolt patterns for chainring guards to have on-hand for the limited number of people who would ever buy one. Every place I went to said the same thing when I asked if they had one: No, but we can order it.