I don't think there is any justification for piracy, but I also think that $40 is a ridiculous price point for this game, so I guess I feel bad for him, but I think he's also too greedy.
Before anyone jumps down my throat, I don't think any game is worth $40. I generally (with some rare exceptions) don't pay more than $20 for a AAA game, $10 for an indie.
That's fine if you don't find any game to be worth the original asking price and I don't really care about the reasons behind that decision (strictly monetary or otherwise), but calling the man greedy, even in the slightest, seems to come from a place of ignorance as opposed to insight. I don't make games, but if you've followed almost any indie game from start to finish, game creation is hard, long, and difficult. This game in particular has been in development for five years and sure, he's made money off of Braid in that time, but his job for the past five years was to make this game.
Sure it was his decision to use his own money to make the game instead of getting funding from an outside source, but I think whatever Blow thinks is right in terms of asking price after five years of blood, sweat, tears and piss bottles is fine. There will be people who wait because they personally feel $40 is too much for the game, but the $40 price shouldn't mean he's greedy for wanting that much for a long, deep, and exhilarating (at least personally) experience.