I think this sort of conversation is fairly unusual. Criticizing performance is not so unusual - most managers try to find at least little things they can tell you to improve - but to actually say "we're paying you too much..." Seems weird. However, it's difficult to tell what this means precisely without more context what it means.
It might mean that your boss is a jerk and trying to control you or possibly set the stage for telling you you're getting a pay cut. In that case, you're right to take offense and you may want to consider looking for a new job, as it would seem he's starting to look for ways to drive you out.
On the other hand, it might be legitimate criticism of your performance and an honest opinion that your salary is too high for what you're giving them. In this case, rather than being offended you might want to consider ways you can improve your performance in order to justify your salary (OR start looking for a new job...)
There was a guy at our workplace who was recently in the latter category, and most people knew it. Not to go into the gorey details, but he basically sold himself as a senior when he was interviewing, secured a salary to match, and then completely failed to make good on the quality of work a senior ought to deliver. He ended up opting for the "new job" option.
Without knowing more details of the situation it's hard to say how justified the criticism is, but you can either take it seriously and try to improve, or you can begin preparing to move on.