Did you not see the earlier link of a full computer with wifi crammed into an SD card for less price? WeMo is not a good cheap benchmark. Heck, I could dissect a router and glue on a relay in a smaller package for under fifty.
The EyeFi? Yes, I saw it. Cheapest one is 39.99, let's take $5 for the 'SD' part, so it's $35
"Heck, I could dissect a router and glue on a relay in a smaller package for under fifty"
Cheapest WeMo is $50 so you're almost there already
You can try to have a homemade solution for less, sure
but you'll have a small price advantage and maybe not follow
all standards relating to switches (isolation, etc, it will work, though). Not counting the software work.
Now, for their lamp they would need 3 power channels, instead of one 'on-off' control, which is certainly more expensive and complex.
You're not going to take off anything for the overelaborate processor and the fact that it's smaller than we need for the light? And by under fifty I didn't mean barely. Here, look, miniature wifi for 8 dollars retail http://www.newegg.com/Product/Product.aspx?Item=N82E16833180... The wifi component of this is not the expensive part. LEDs, LED power supply, and heatsink are going to be most of the price.
This is not a fifty dollar wifi device with a free light. This is a thirty dollar light with a ten dollar wifi device slipped in.