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edscoble-
They're not. They're very similar but there are a few other differences. Mostly the finish and the attached pieces. At the core they're probably the same bit of metal.
Also the price difference is about the cost of a good set of brake pads with replacable shoes so they worths.
I'm not saying they'll work a load better but then Ultegra doesn't exactly work loads better than Tiagra (which is what these two calipers are equivalent too).
tallsam
Bit late but I've filed a few brake calipers in the past. Never had one fail.
Also those Shimano long drop calipers you linked are a bit plasticy. The 650 is much nicer. Altough only in silver.