My buddy used to work at a Toyota Dealer. He did an under-the-table 4.7 Timing belt/water pump job for another buddy for $500 including parts. Pocketed a little over $300, took him under 3 hours.
Seems like he got a pretty good deal. It seems like since cars tend to go wrong less often these days, the places that fix them want to earn the same profit levels, so they just up the repair rates.
As a joke, I once asked a local shop how much they'd charge to replace a pre-cat o2 sensor (30 second job). $70 "labor".