Sublime is too expensive. $99 is too much. They should make a special christmas offer %90 off and many (of those who will never pay otherwise) will pay.
The question is how many people pay the $99 now and how many pay the $10 then. If you can't convert 10x the people you have paying now, you will be losing money.
On the other hand I have 437 games in my Steam account and countless gadgets I don't use. I guess I can skip a couple of games and a gadget or two to pay for software I use.
That's somewhat true for me as well, but I generally pay under 5 EUR for a game. Deciding between 20 games and a text editor doesn't look so good. Though as long as Sublime Text's developer is happy with the market share and revenue it has, I wouldn't change the price.
I've paid $60 or so once, and then another $60 or so for the upgrade to version 4. I've used Sublime Text for almost 10 years, essentially every single day. A hundred bucks for a tool I use every day is not too expensive. And Sublime Text is extremely good at what it does.
Hijacking the quote...
I can't count the number of times I see well-paid developers using the Sublime Text trial.