The fact is that Odgaard has many more lucrative options open to him than living up to an unfavorable pricing commitment from 6 years ago.
Meanwhile, your own interests are poorly served by telling him to shove it and watch you switch to Sublime Text. At least if Odgaard can be happy building TM2, you have a choice. But sticking to your sense of entitlement actually wins you nothing.
Building commercial products that serve programmers is a risky and painful proposition for the same reason that there isn't a lucrative business to be build selling ice to Inuits. Consider carefully that Odgaard is in no way captive to your judgment. If he himself was more rational, he'd drop TM2 today and start building iPhone apps for many times more money than anyone is ever going to pay him for a text editor.
It's absolutely mundane to have more desirable options than honoring prior commitments. This is true in business, in friendship and even in love. If this weren't the case what would the rational be for people to make commitments and hold each other to them? Surely you can see that there are ideals beyond being "more rational" and breaking one's word at any point it becomes inconvenient?