Update: Okay, Google clearly goofed on this one. The shipping prices have been fixed so now there is a $3.99 saver option (5-10 days), $7.99 ground (3-5 days), and two day shipping for $11.99. This thing is still expensive, but at least shipping isn't bonkers.
The new Nexus 7 seems like a pretty great device in almost every way. Despite reports of a few bugs, we're quite fond of it around here.