http://cgi.ebay.com/Vintage-MUTRON-...yZ101973QQssPageNameZWDVWQQrdZ1QQcmdZViewItem $1,200 starting bid for an effects pedal !!
For that particular pedal he is. They usually go for around $400-500, but some people do pay over a grand on certain vintage pedals.
Just watch it and you'll find out. If someone is silly enough to pay what he asks, then he's a clever fellow. The value of something is "what you can get for it". If he doesn't get it, he can always list it again at a lower price.
It is in amazingly good condition, and with the original box and papers... I'm thinking it could be worth as much as $700 or so to a collector.