It might well be. But bear in mind that there are $800 shoes from the likes of Church's that are too - it's a matter of exactly how the leather is finished, but those terms can be applied to a pretty wide range of quality levels. I've seen a pair of Bexleys worn by SF member Upr Crust and they looked pretty nice - certainly more than $135, which is basically what these are when you take off VAT. At that price, it's worth the risk, but from the pictures the leather doesn't look at all bad.
I'm not buying anything right now, but if I were, I'd be tempted by those as well. And definitely buy the shoe trees - cheapest cedar trees I've found, double spring makes them easy to use and sit nicely, and I have about ten pairs doing good work for me as I write!
In their FAQ about the leathers they use, they have one finish listed as "brush off" which is described as a "slightly leveled skin" -- this is probably their euphemism for corrected grain. In all of the shoes that I am interested in, however, none of the descriptions or technical details are listed as having the "brush off" finish, so I assume the shoes I am interested in employ full grain standard calf?
Do you think I should email them to be sure?