It's the same here in Australia, the Master Collection CS5 to 5.5 is $549US in the states and $920US here in Australia, neither price includes tax.
Like you I will not be upgrading for what's basically a point release and just another way Adobe have found to squeeze their customers.
What I'm hoping is we get enough people subscribed to this group to start a campaign to get Adobe's attention, such as customer disobedience days where we all call support or send email to someone in the company to complain.
Of course this all depends on getting the numbers, so if you can let others know about this group maybe we can apply a lot of pressure to Adobe before CS6 is released.