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First, if you compare to high-end office furniture like Steelcase or Herman Miller in the $600-$1000 range, this kind of chair is actually quite a steal. Sure, it's not something you'd use in a traditional office environment but for a home office or similar situation this is a bargain.
Next, let's think about the kind of person that gets a chair like this. Probably it's someone who spends a LOT of time sitting down. Maybe they work from home, maybe they don't work and play videogames all day, maybe they just want a comfortable chair to kick back and relax. Compare this to the price of something like a La-Z-Boy recliner and again we've got a bargain.
Now let's think about HOW LONG the average user of one of these things will sit in it. My guess is that it's going to be somewhere between 4-12 hours a day. Let's call it 8. That's the same amount of time spent sleeping. How much did your mattress cost? Probably a lot more than $350. So why is it different? It's still 1/3 of your life.
There you go, 3 practical comparisons to help you determine the value of the chair. That's not even taking into account aesthetics (it looks cool!), comfort, or sale price (the discount is near 25% for an already affordable chair).
Hope that helps you figure it out!