It is! The game coming March 15 is Dodonpachi Resurrection HD, which updates the resolution of the iPhone release for iPhone 4 or newer devices. To celebrate the release, it'll be on sale for four days, for $10.99 (vs. its regular $13.99 price). Espgaluda II HD, a previous refresh of an iOS shooter, will be the same price.
Does that still sound expensive? You can read about the reasoning behind Cave's pricing here.