If I were to impulse buy at $5 I would impulse buy at $10. For me it is not a big difference. Anything between $5 and $10 is pocket change. However, I kinda like a $7.99 price sounds a bit cheaper for those folks that may feel the difference.
Edit: Maybe a poll on the price? Also, I'd buy it and beta test (you gonna use paypal?). I probably wont put tons of hours into it but you don't have to worry about me sharing it either.