As a good example of how this would have worked out for me: I had X1 Producer. To go to X2 would have been $50 in August. I knew this meant that X3 was likely on the horizon based on typical Cakewalk upgrade history. Sure enough the X3 version came out. To go from X1 to X3 producer was $199. If I had upgraded to X2, the upgrade from there to X3 would have been $149. So in the end, it would have been pretty much the same either way if in the end I wound up with X3 Producer.
Is this the same as what you experienced? If so, you shouldn't feel ripped at all.