The current peak price which has just been added as described by
Globaliser for EWR is £990 in WT+ which I guess is a decent price for that time of year. I'm sure in previous years the expensive WT+ tickets didn't kick in until July 1st, a week later than this year - maybe the day the bulk of school holidays start this year or the Olympics are having an effect here.
I wouldn't consider a £1340 a sale price though (assuming the OP means an extra £350 per seat) and would baulk at buying at that level purely on the basis that an extra £450 would get me a seat in Club. I'm going to take an upgrade from WT+ to Club for £225 each way every time...
I don't know the fare rules - maybe the expensive WT+ fare booked also has better cancellation or change rules. Additionally maybe it is upgradeable to said Club fare described above!