Actually, I find this whole subject very interesting ... both sides of the coin in the discussion. Short text bytes hardly scratches the surface.
I am revamping my whole marketing structure for selling my photography, and for a variety of reasons the hardest part was setting prices in today's marketplace. I posed some questions regarding pricing on a Pro forum I use, and the flurry of opinions was very interesting reading.
IMO, the term "Value" is a very relative word and depends on context. An extreme example could be a $2 million piece of medical equipment that could save lives. Value is obvious, and price is no object.
To use Lar's example of Leica ... one need not be the Sultan of Brunei or Peter A
to place a priority on such expensive gear. Priority suggests that there is a hierarchy of perceived value based on personal experience/want/need/desire. Someone may be willing sacrifice this or that, in order to have this. Those unwilling to make those sacrifices may think it is rationalizing what they think is an irrational decision ... meaning it is irrational by their standards of evaluation. So, value is far from being empirical, and is a personal thing at best.
I place a very high value on my M9 system and made some serious sacrifices to build it because in semi-retirement I do not have unlimited resources. Based strictly on a business model, it would be difficult to rationalize that level of expenditure. However, other value factors come into play here ... like the effect that a rangefinder has on my work as evaluated by my creative criteria and personal vision, and the fact that this camera is unique as are some of the lenses ... added to the subjective opinion regarding IQ.
Conversely, I could not bring myself to make the sacrifices to move to the Leica S2. Even if all the perceived value factors lined up perfectly, which for me they do not, it still would not be worth the sacrifices ... notably being unable to build the M9 system. Having settled my pricing irritation with Hasselblad, I choose to cancell my order for a H4D/60 and move to the H4D/40 instead because it is the rational thing to do considering my current work needs and a shift in my photographic offerings for sale. Meaning it has more value based on my criteria.
-Marc