I'm not denying operating costs and the like in my argument.
What I'm saying is that if an ebook has the same dollar-margin as the print edition, I feel gouged, because there is no printing cost coming out of that margin. It's extra pure profit. Hence irritation.

Profit on print = margin - operations (editing, advertising, advance, etc) - cost of printing.
Profit on ebook = margin - operations.

When profit is equal, I am a happy boy. But when MARGIN is equal, then I get cranky, because profit is higher for no justifiable reason.

I will confess that my basic model of halves (half for the retailer, half what's left for the distributor, half what's left for profit, the rest is cost) is primarily derived from a discussion on the topic by an RPG designer, who did have an inside view of the industry.
http://www.seankreynolds.com/rpgfiles/rants/rpgsaretooexpensive.html

Discussions and things I have seen elsewhere tend to support this "halves" breakdown, usually within 5%. Diamond Comics Distributor, for instance, gives a 30% share to the publisher.

Whatever.

I want bundles.