You can easily drop that much taking your family out for dinner and a movie.
So, I'm guessing you're a Romney man?
Normal people do not spend 350 dollars on dinner and a movie, even if they take their entire families.
When it comes to Chess, 350 dollars is too expensive for most people, but as with all things, there are luxuries in life. A round of golf at Pebble Beach will cost you more, but I know two people who have done it. If that's their thing, more power to them. They both thought it was money well spent. That's kind of comparable to the 350 dollar fee for the World Open.
My only objection is that when I try to push for inexpensive tournaments, I'm met with that same attitude. People don't see the need to hold inexpensive tournaments because they just can't imagine how a 25 dollar entry fee could possibly be a burden on real people.
No way I'd pay it. It would be nice to see some of the titled players defend the position of the class players who really don't beneft from high entry fees, but that isn't likely to happen. One of the reasons I don't belong to the USCF anymore is that the opinion of class players is utterly meaningless. No one cares if a 1500 player is unhappy, but if a GM is unhappy the world spins off it's axis into outer space.