At my shop in VA, our labor rate is $85 hour. For the install that you're talking about, I would estimate 5 hours easily. The head unit isn't a big deal, less than an hour, but everything else takes time. For the Sirius, you have to run the antenna outside the car, and hide the wire. For the speakers, you have to take both door panels off, and possibly make some type of adaptor plate if they don't fit perfectly. For the amps, you have to run wires down both sides of the car, from back to front(RCA's on one side, power on the other, to avoid engine noise), and all the way to the battery for power. Plus they need to be mounted to something. $550 may seem a little high, but it's a time consuming job, and if they do it right, it'll tie up an installer for most of a day.
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