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Some proof it's no longer a 1.33 hat:
http://www.tf2outpost.com/trade/4076354
http://www.tf2outpost.com/trade/3999342
http://www.tf2outpost.com/trade/4020052
http://www.tf2outpost.com/trade/3968447
http://www.tf2outpost.com/trade/4063168
So many trades trying to buy for that with no attention. At the same time, a search reveals swarms of Connoisseur's Caps failing to find interest at 1.66 ref. The price where this hat moves at should therefore sit around 1.44-1.55.
Long and short of it, I fully agree.