Mikes definitely makes some very good points but I think this can go completely across the audio spectrum, from cabling to speakers and if you look at what it cost to build a set of speakers and what they retail for, you truly are not getting your money's worth in regard to cost of parts.
I have personally had 93 different digital devices through my reference system. In regards to servers, I highly recommend that people listen to different manufacturers and make their own judgment because the best servers do create a more holographic type of imaging. I'm certainly not an expert and have never had any interest in manufacturing products or even investigating the cost of the parts but I have found that the top five servers/streamers we have tested do sound significantly better than the less expensive pieces that we have tested. We are actually going to test a sub $5000 server/streamer set up in the next couple of weeks but so far we have not found anything at that price point that is as holographic as the more expensive server/streamer's.
Also I personally know very few people that are buying more expensive products just say that they own them. Rather I find the people that have more money to purchase more expensive audio products have been through a lot of equipment and they are looking for the endgame product so that they can do other things in life that they enjoy well listening to their music.
The only problem I have with Mikes opinion is that it is all hypothetical.
Cheers,