Elizabeth and James is going to rely heavily on the celebrity of the Olsen twins to be successful and clearly they have enough weight right now to achieve it. The pieces I've seen definitely do not fill a void as it were, and I dont believe would be anything more than a blip on the fashion radar if it not were for the gimmick of celebrity.
Waistcoats and short shorts is far from anything new, as well as sequined frocks as an 80s reference. Who doesnt know tons of girls who shop at thrift and vintage stores for those dresses and really believe its their personal style that led them to do so? Its a tired look.
I really think the Olsen twins are very cute, but honestly believe that their style is nothing new. Mixing vintage or low end with high end is a concept that was big years ago. To me, there are TFers that if they had that tiny frame and an inexhaustible closet could do the same thing.
I think the price point is fine for what is is, but I'm sure there are a few extra dollars added on because of the fresh faces behind the line.
Anyway, if everything is sold out, my advice to you is buy something else in the same department and just tell people its Elizabeth and James if it makes you feel better, I'm sure they wont question it.