Well, colored pencils really look quite different- the colors are chalkier and less saturated than paints. The few times I've worked with colored pencils I get really frustrated. I use high quality sable brushes and thin down the paints a lot with water, and build up the colors to the desired richness.
As for the prices, I've been giving it some thought. If you want two costumed figures in a period setting, that's going to be more expensive than- say, a portrait with a minimal background. I can do a 6 X 8 painting for $300; if you would like the size to be 8 X 10, that would be $400. I know it sounds like a bit much, but remember I'll be custom painting everything by hand. And just think of what a deal you'll get on the exchange rate!