I agree that they're quite delicious, especially the soft suede ruching... yummy! I didn't find a direct knock-off but I have definitely located a few different looks with similar styling.
Nine West's version is sans ankle strap, but it's the best approximation of the ruching in a wedge. Unfortunately it's only on pre-order right now and won't ship until July. If you're into instant gratification like I am, this will not do.
The Prada version shown is actually a dark pink even though it appears grey. Who knew, but they call it Dark Rose. Here's a fabulous pink wedge with ridiculously cute detailing:
I just love that shabby chic flower!
Boston Proper has a reminiscent version in a stiletto instead of an espadrille, currently on super clearance! How can you resist a sale sticker of more than 70% off?? (Sadly, only sizes 6 and 10 left):
I have to include this next pair because while they're neither ruched suede nor greyish pink, I love the color, and what a price (58% off)! They are ankle-strap espadrilles with interesting toe detailing. Related at the very least:
My favorite swap, while not precisely similar, is this wedge from AmiClubWear because they are TEN BUCKS! Woohoo!
Amiclubwear Suede-esque (says suede but for $10? I doubt it) and lace ankle-strap peep-toe wedge, $9.99
How do you like these swaps? Would you ever pay $650 for a pair of shoes?!