They're having a laugh surely.
They cocked up.. and now they are offering to sell it to me at a rip off price of £259.99... when its on sale at other places for half that price!
Fair enough make a mistake with the pricing.. but then offer it to me at a vastly over priced amount - that has annoyed me. 
They can go take a running frigging jump.
Update on this.
As some of you may have guessed their 'Newsletter' informing me of the cancellation with the offer to purchase at the vastly inflated price of £259.99 really got my goat.
Prior to the £54.99 price - play were selling the item at £149.99. They then cancel my order and offer it me for £259.99 (despite the fact that other retailers are selling it at half this price).
This to me wasnt on.. if play had made a mistake, then they should at least offer the printer at a reduced price and not try to rip people off by offering it at twice the price of elsewhere and much more than their normal selling price.
Since I last posted in this thread, Play.com debited my bank account with the £54.99 which now brings things to a different light from their T+Cs which state
34: Credit and Debit cards are debited on the day of shipping by Play.com.
36: Title to any product ordered will pass to you once Play.com has received payment in full for that product.
I had fired off an email to play.com but have received no reply, neither have I yet received a refund.
Today the price on the website is back at £149.99, which is bad news for anyone that ordered one, then got suckered in by their mail to re-order at £259.99 and now makes the whole episode look like a scam. Even if they made a mistake they should not try to gain funds by then selling the wrongly priced item at an over the odds price.
This isnt the first time that play have made mistakes with their pricing and then offered a poor cop out. As such I yesterday forwarded a letter of complaint to Trading Standards to which I received the following response.
I am currently is discussion with Play in relation to their terms and
conditions and hope to get back to you by the end of this week with our
opinion and appropriate advice.
I dont know if it will get anywhere, but I can but try.. and at least it may make play be a bit more careful about what they are doing.