I would spend hundreds on the right game, in fact I've spent thousands of dollars on one game that I got thousands of hours out of, and it was worth it (to me).
But I won't even spend £50 on a new release these days because it may well be rubbish (and rubbish value for money). It is rare that a dev these days has the goodwill that I would risk it, although a HL3 or next Skyrim or Witcher etc. could be worth it but even then I would have to read some reviews and user experiences because PC games these days are released BROKEN and i don't have time anymore to do the bug testing for them.
The Premium/Gold editions are a good idea to get extra funds for development. Say someone wants to pay £80 for the GOLD version of the game, let him have his extra skins (not pay-to-win EA FFS!) and others can get the same game cheaper, i's win/win. It's like first class on airlines, make it WAY more expensive so those who can afford to can subsidise those who can't.
What is the most time you have spent on one game? How much is that worth to you? It's worth a lot to me, a lot more than £80. Alas, these games are very rare.