Oh look my first topic on IPcamTalk that I actually know a little something about
I just learned about Meraki last week at a Cisco event in AZ where I had dinner with their global business development manager. Meraki (which is now Cisco Miraki) cameras are better seen as a subscription model for surveillance costs then a camera purchase. Obviously a 720p h.264 dome cam with like 20m IR doesn't sound amazing at $1500. What they offer is essentially 3 years (I think) of fully "offloaded" management and storage (sort of) plus the camera provided at a rate of $1500 (outdoor model). A couple notes here, Cisco usually has 45-55% margin available just to the partner selling the solution on stuff like this, and this is not aimed at home/private users at all. Meraki targets education, manufacturing, and hospitality primarily where 1-5 IT guys are managing everything from AD, a thousand users, a network, etc, etc so a "plug-n-play" model for cameras can be really appealing, especially when the selling partner can really sell this stuff at $900 a cam or so on a big roll out. For an enterprise to deploy a 20 camera solution, complete with management and storage for about $25k every 3 years they are winning all day long when compared to other enterprise class solutions.
For comparison (granted, not apples to apples):
20 good IP cameras from someone like HikVison would run maybe $5-7k right? Double that if they go with someone higher tier like Vivotek. (you can't take Dahua into consideration here because from an enterprise standpoint they are brand new in the market here, all enterprises care about is support/reputation.
20TB useable capacity from an enterprise storage vendor (like NetApp, Pure, or EMC) would be at a minimum $30k with 3 year support contract. Maybe $20k if you go NetApp E-Series and just get a dumb SAN array. Then you have to back that all up, so another $10k for a Barracuda appliance w/ cloud archive.
Let's assume you're already running a virtualized cluster and don't have to add a physical server, (which would be another $5-10k or so with support) you're still in that solution for way more than Meraki's offering.
All in all, in their market, Meraki is a very affordable solution offering for enterprises that seek to spend on an OpEx model. Similar to their $500 APs, they just don't sell products aimed at homeowner at all. Strictly beeswax products marketed with cute videos.