I suspect that at launch BitUSD will be "cheap" because the expected increase in BTSX price will cause most believers in BitUSD to want to be Leveraged BTSX... however... once the price jumps many will probably want to buy BitUSD for the expected correction.
Early on I expect BitUSD to be rather volatile around the USD price.... First below, then Above... etc... lots of money to be made playing the volatility until the bots take over.