I'd say that is a bargain for what you get - if it's what you're after. If you want a full size truck with 400+hp, 13+" suspension travel, locking rear diff + limited slip front, capable of 18mpg hwy with 35" tires, all the modern comforts, (and a warranty), I don't know what you'd expect to pay, but that seems like quite a bit to get for $50k. A top end Tacoma, Wrangler, or Colorado will put you in the 40k neighborhood, and there are 4runners that cost over $50k.
To me the Raptor is kinda like a corvette of the 4x4 truck world. Not everyone's cup of tea, but could hold it's own on the track/trail with the best of them, without the race car/trophy truck price tag.
91 SAS Trooper - Neverending tinkering
Semi-hopped-up 3.4 + MUA5 + 3.07:1 low
Waggy D44 Front - 5.38's + RCV's + OX
Rodeo D44 Rear - 5.38's + Detroit
35" General Grabber X3's on Interco Birddogs