My vote, like others who have posted, is none of the above.
One poster above said "I bet you could do a reg rebuild in half an hour if you tried..."
I've been doing this for years, and it NEVER takes just a half hour. You could do a parts switch in less time than that, but that's not a reg service. Parts need cleaning. The first stage should sit on the tank for an hour to check IP stability. Second stage tuning takes a little time after assembly.
$200 for service of three regulators is just a touch high. $30/reg for labor, and $15-45 per reg for those "$3 worth of orings".
Well, it's not that simple. I routinely spend more time than that simply because most folks don't return their regs every year for service. There's no need to, for the first stage.
Most folks aren't religious about rinsing their gear after EVERY trip.
So there's verdigris corrosion that needs a little time in the ultrasonic. And the hoses also need new orings. And the HP spool may need service. And the computer may need a battery.
No, you received a fair labor price, and a slightly inflated service kit cost. You can get orings cheap, but the seats are more.
So what's the solution? Use the regulator checklist religiously:
Regulator Inspection and Checklist (Rev-8)
Forget parts for life. Send your first stage in for service at the first sign of IP instability (2 years? 5 years?). Rinse your gear religiously. Get your second stage tuned every year. 5 min work and it should be a minimal cost. Get your second stage serviced every two years if you have a standard seat, and every three years if you have a "seat-saver" feature like Atomic.
But buy $200 regs? No way!
I haven't needed to service my 1986 Scubapro Mk10 first stage in four years now. I still dive it. Good stuff lasts. But my 1986 G250 second stage still needs a new seat every 1-2 years.
My 2¢.