Although we've talked about it many times on here, this sort of example does nothing short of prove they outright lie about some products when it comes to pricing. I actually caught some of the presenters act last night when they first put the price up. Like you, I was straight on the Internet and found it for sale a fair bit cheaper than their supposedly too low £69.99. It made me laugh to then watch a minute or two more of the act (they're going crazy in my ear, someone's made a mistake etc) when like you I was looking at other retailers selling it for £50.
Unless they are rubbish at their jobs (the buyers, producers etc for IW) they can't fail to know their £69.99 isn't actually a ridiculously low price.
This is why I'm convinced as the months/years roll on, unless these channels find a true niche with genuinely good prices, they're doomed.