This is a six year old thread, but six years ago, the price for ERStudio was less than that of ERwin. However, I just went and did a live chat with an ERwin rep. They told me the retail price is $4800 for one user. According to the Embarcadero web site, the Enterprise version is $7700, which is higher. But, if you only need SQL Server, it drops to $2600, which is less. There are cheaper options too. Not sure how the price breaks down with ERwin, but overall, it looks like it might have a cheaper price point these days, depending on the options you choose.

You know what? I'd still go with ERStudio because I've had a much better experience with the tool itself and much better support from the company. Initial purchase price can sway people, but long-term pain and difficulty with a product must be factored in to the cost of that product.