I've heard that the frame is about 1/2 the cost of a bike.
I doubt that works but you could figure the cost of the components pretty easy and bounce that against the MSRP.
yeah the frame = 1/2 cost thing is probably not that accurate. many manufacturers use the same frame at different price points for a model. so the hi-fi frames are all the same, excepting differences in size, shock, and the material used. and i think theres over a $1000 difference in cost between the hifi and the hifi pro, which would skew the 1/2 cost calculation.
and thats not easily calculated in component costs either. try to price out all the components separately aftermarket and youll often barely have anything left over for the frame itself.
a possible way to figure it out is ask your lbs how much it would cost to buy just a frame or just a frame and fork and go from there.