Of the three parties involved in such transactions, I say that the band themselves is the most ethically deficient. They are well aware of the secondary market for their limited releases, yet they continue to produce them and sell them in the same method. By highlighting the fraudulent poster seller, while remaining silent on non-fraudulent price increases you're referring to here, they give their tacit approval to such increases. They are intentionally creating an entirely artificial scarcity, presumably with the intent of increasing their "buzz".
The market has decided that a limited Agalloch release is valued somewhere in the neighborhood of $100. By selling them at well below market value, the band is screwing their #1 fan out of the chance to own the release simply because he had the misfortune to be born in Malaysia, a place Agalloch never tours. Instead, they give it to some schmoe in New York who just heard about Agalloch last month, and worse, they give it to him for a ridiculous discount. Thus, someone who acquires an item at that discounted price and then places it for sale on ebay is providing a valuable service to that #1 fan in Malaysia, giving him an opportunity to own an item that he otherwise would have no access to.
Ok, now I should probably go to an Agalloch show. Maybe I should toss my "Of Stone, Wind, and Pillor" CD from the balcony and watch the mob devour itself trying to get their hands on it.
Neil