"What do you do with it once the battery will no longer hold a reasonable charge? Throw it away and buy a new headlamp?"
The battery is going to last for thousands of charges. I would challenge you to actually wear it out. By the time the battery wore out, you would probably wouldn't mind too much because I bet the headlamp would be somewhat obsolete by that point (many years down the road).
Why is the Bosavi so great? In short, it is everything you need and nothing you don't
Weight: It's basically the lightest full function headlamp on the market at 2.2oz (and no, the Petzl e+LITE is not full function).
Ergonomics: The headlamp itself is super compact. There are no unnecessary curves or bulk put there just to look a certain way. Also, the headband is as slim as it can be while still being super comfortable. Lastly, the battery is housed in the compartment right up against your head and not in the part that actually swivels. This means that the center of gravity is never far from your head and the headlamp feels lighter as a result.
Programmable: You can actually easily program out light modes that you never use (like strobes settings). Also, and just as importantly, when you turn on your light, it will default to your LAST MODE used when you turned it off previously. This is such a basic yet incredibly helpful function, yet almost no other headlamps have this feature. I can't overstate how much nicer it is to not have to flip through modes constantly to get back to the mode you've been using most recently.
Rechargeable: There simply aren't that many quality lights that are USB rechargeable. It's a big selling point for those who don't want to deal with batteries, and also don't want to deal with specialized battery chargers (this is especially nice for longer trips).
Illumination: All of the LEDs included in this light are actually useful and aren't excessively redundant… from the lower output red and white LEDs to the superbright CREE XP. These covers all your backpacking needs, from your most common camp type chore lighting, to preserving night vision and not waking up your partner in the tent, to trail finding and lighting up distant objects. The Bosavi can do all these with aplomb.
These things all add up. There simply isn't any chaff with this headlamp. The $70 is a bit pricey, but not hugely more expensive than its direct competition. With every headlamp I've owned in the past, there is always something that I hate about it. Always some glaring weakness. Not so with the Bosavi. That alone makes it worth the premium to me, but YMMV.