The Netgear WNDR4700 comes in two versions, one with and one without hard disk. Both models are interesting, but there are alternatives out there.
The Netgear WNDR4700 certainly is not a cheap router, especially considering that doesn't include a hard disk. Netgear also has a model that comes with a 2 TB hard disk, the WNDR4720. The Apple Time Capsule with 2 TB is cheaper, and the WD My Net N900 Central 2TB is more expensive at around £290. Those have integrated hard disks however that can't be replaced without opening up the router by removing screws.
The WNDR4700 performs better in every department than the My Net N900 2TB, has more connectors and a 3.5-inch bay instead of a built-in 2.5-inch disk. We haven't recently tested the Time Capsule, so it's difficult to say anything about its performance compared to the WNDR4700. The WNDR4700 has more features than the Time Capsule at least.
With an average price of the Netgear WNDR4700 without disk certainly is not a cheap router, but most high-end routers of the past year are close to that level. So in a way the price is on an acceptable level, considering the router has very good performance. Do keep in mind that this is a802.11n router, which means it can't take advantage of the latest in 802.11ac technology.
If you don't need a router with storage capacity, then a more affordable option is the ASUS RT-AC66U (which also supports 802.11ac and has download options) that costs around . The Linksys EA6500 is another good option.
If you don't care about 802.11ac and you want to spend even less, then the Netgear WNDR4500 is worth considering. It has very good performance, and is affordable. The ASUS RT-N66U is also an excellent choice, it's the same as the RT-AC66U but without 802.11ac. When you need a router with USB 3.0 and an SD card reader, then the D-Link DIR-857 is a good option.