Pichon Lalande 2004's price – a sign of firsts to come?

So the Bordeaux 2004 prices are tumbling out. Ch Montrose 2004 early today at around £300 a case in bond seemed reasonable – less than half the price of the stunning 2003 vintage. But the release of Ch Pichon Lalande 2004 at prices that work out at prices approaching £400 a case are just too much, even if they are about 30 per cent less than the 2003 Pichon Lalande prices. The wine was good – but not that good. And what's really worrying is that it could well be a herald of equally overpriced first growth prices to come...