See bottom of post for update.
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If you live in Australia or New Zealand and have been looking for a similar shoe, you're in luck! Tony Bianco has a very similar version that retails for $139.95. Click here to purchase (also available in some other colors).
*Update - 4/6/10* - Although these are still on the pricey side, they still retail for less than the Louboutin version. Cole Haan's Air Lainey wedge retails for $197.95 and you can click on the photo below to purchase (they're on sale for $169.99 at Lord & Taylor but only available in size 10).
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