A few observations.
Did anyone even know about MAC before EL established a controlling interest in it in 1994? Not really. Unless you were already in the industry big time I don't see how anyone would really remember the old formulations. The trade off for the buy-out is obviously the globalization of MAC and the reason all of us even know about it in the first place. If MAC were still a small company ran on its own out of an apartment then none of us would even be here, really. Think about it.
Also, as far as buy-outs go, MAC did a fantastic job of negotiating a contract that would leave the company to its original standards. MAC still doesn't advertise, they spend hardly nothing on their packaging, and still they are recognized as a cosmetic giant in the industry. That kind of reputation speaks for itself. Plus, go into a partnered location and see how the MA's look in comparison to the girls at other counters. MAC never stopped celebrating diversity and individuality. That usually dies in buy-outs. With MAC it hasn't.
Now. Price increases. Do they suck? Sure. However, all over the world we have cost of living increases. It's reflected in your raises at work and prices go up everywhere, not just at MAC. When you're as obsessed with MAC as we all are, OF COURSE you notice it. What you don't notice is that it happens everywhere else. You're just not as obsessed with the other things that increase as well.
Basically, if price increases didn't exist, companies like MAC wouldn't. You can't expect for a company whose manufacturing prices and supply prices go up to keep their prices the same forever. That doesn't make sense. Eventually the cost of producing the products would be over their actual selling price.
And one last thing. Go into any Belk, Macy's, Dillard's, or any other partnered location and I challenge you to find another cosmetics line that is AS GOOD or BETTER than MAC with the same prices. Even with the price increase, I know at my Macy's it's the least expensive brand in the entire store, by far.
With a world slowly being dominated by Capitalism, I applaud MAC for staying as true to its roots as it has and still maintaining a spirit of diversity. It's rare these days.