This still happens. I've been asked (and refused) to send certain things on 'official letterheaded' paper. They weren't interested in signatures, just the letterhead.
The only information content is the company registration/tax number and contact details. When I've offered to send the same information by email, including a logo, people usually realise how ridiculous the request is.
Probably still true here and there -- but I would be willing to bet you could get a competent designer on elance to make you business cards and a letterhead and get them printed for far, far less than $750. And that might be the last priority on this list, at least for me.
