Michael Sullivan is an artist himself, and a damn good one from what I see.
I am not sure though where he gets his numbers for cover art. Michael is capable of not only creating his own cover art but he can also do the cover design and set up himself. For most self published authors though, they are going to pay two different people for this, or one person at a higher price.
I have checked with some well known artist that do freelance cover designs and it seems the minimum price they have set is about $3,000 which grants me both Print and E rights, as well as international rights to use the same art and design work. And trust me, there are differences in the cost of rights...
I am also not sure where Michael gets his low ball numbers for editing. $350 dollars? Well maybe for a short story. But for a longer novel, what is the depth of the edits at that low ball price and the experience of the editor.
Yes, you can find some good editing deals by experienced people. And yes, the prices seem to have come down because of the economy. But the numbers I have put together from researching independent editors seem to be at the minimum $1,000 to $3,500, depending on the level of editing needed. And there are different levels of editing.
And reading some of Michael's blogs, it sounds like he was a little surprised at the depth of the editing he got when he signed with a commercial publisher. I guess those $350 editors did not match up.
I am not putting Michael down as he is a good artist and has found a following for his writing. Still, not many self published writers are going to have the industry contacts, experience, or understanding of the industry Michael had prior to self publishing his own work. And Michael had some industry experience prior to publishing his own work.
I am not against self publishing, but Michael makes it sound easier than it is, and more profitable than studies have shown. Yes, a writer can make more per book sale with self publishing, but most self published writers will never sell 7,500 books in a single title and that is what Michael is talking about here, a single title. And yes, I know some have sold this amount and more, but they are the exception and not the general outcome.