I'd say their pricing is about right - other Chinese or Indian-made shoes are cheaper; I bought some for my son that are quite respectable Goodyear-welted shoes, for under 50 Euros recently (btw I wasn't just being stingy, he's 14, growing like a weed and needs new clothes about every six weeks right now!). So where they have to set themselves apart is in quality, finishing and service.
On the first point, the reports are pretty good - perception being that the constituent parts are as good as some higher-priced shoes (although some problems with their cheap Argentinian cordovan; maybe the clue is in the name - wasn't "Rocinante" Don Quixote's decrepit fleabag horse?!). On the second point, reports in this thread vary. And on the third, it seems the intention to be helpful is always there, but the management is poor: honestly, it's not hard to know whether something is in stock or not. They're not the only ones who do this - even G&G's new online store has the same problem of not being linked to a stock record. But either way, once you've ordered, you should be able to receive a prompt and accurate delivery date, or the option to leave it.
Once you get into "Linea Maestro" and the price is higher, then you're more expensive than, say, most Barkers or Loakes, and on a par with, say, Cheaney, or discounted Church, C&J etc. So the quality and consistency better be good. The leather and the finishing at this level might be, but then once you're here, you really want to be able to just see what's available now and buy your damn shoes! Any of the other brands mentioned are with you in three days from more etailers, anywhere in the world, for $30 shipping or thereabouts. So I do think they need to talk to the bank, start holding a lot more stock, and give their online business the same treatment as they do to their shop.
If I may, a quick comparison: Septieme Largeur has a similar distinction of good leathers and some high-end features (channeled stitching, fiddleback waists) as Meermin's Linea Maestro range. They are slightly cheaper thasn Linea Maestro, and also have clearance items at half price *(visit NOW if you're a UK 10.5-11!). If you go to their website, you will only be able to order what is actually in stock in your size. Their only downside perhaps is that they don't do MTO. But as a model in how to sell good shoes for not very much money, it might be worth Meermin taking a look at for an example.
At the end of the day, we all fall in love with certain shoe brands, and evangelise about how fabulous our new bargain "discovery" is. Meermin, Carmina, Vass, Ed et Al, whoever, when we see something that looks like a bargain we want it. But with so many good brands available online, they need to watch the customer service and how they manage the expectations of their customers. Vass make all their stuff MTO anyway so you know where you stand - and their turnaround is very fast for MTO anyway. Some small makers only take orders by email, which is fine, but you need a straight answer as to whether they have what you want to order before they take your money. And really, if the likes of Septieme Largeur or Ed et Al can offer the same "real" online store that only sells you what is there to sell, then there's no excuse for Meermin or Carmina. And to be fair, even less excuse for G&G!