Personally, I would put a hard cap at about ~$300 dollars depending on where the course is.
If conditions are guaranteed to be really good, like the week after a PGA TOUR event or something, I could see going up to $500.
I went to Sea Pines in February. It was $1000 total for rounds at Harbour Town, Atlantic Dunes, and Heron Point, along with three nights in a condo ($50 replays!). Kind of a steal of a deal because HT was being prepped for the RBC Heritage.
Bandon in April was ~$200 a round and I felt like that was at the edge of fair. I wouldn't call it a value but it wasn't overpriced either. Greens could have been better but it was shoulder season. Also, the resort didn't need to charge more because the rooms were ~$300 + tax a night.
A lot of whether the price is right has to do with your overall financial picture and how much you value golf at destination courses. Part of the reason I haven't done Pebble is because it's basically a $1000 round of golf when you factor in the minimum two nights you have to stay on property in order to get a Guaranteed to Finish™ tee time.
Shadow Creek is reportedly a $1000 round of golf now too. It looks awesome and I've heard great things about it. I'll probably never play there because that's too much in my mind.
