Unfortunately, what is "value" to you and to me might not be of the same value to someone else because our measure of "value" may be different. The high end exists because there are people who are willing to pay for them. Jeff's editorial is a breath of fresh air because he has dared to air it, but I am sure is on the back of all our minds - are we getting what we pay for in the High End?
Perhaps instead of "High End", we should distinguish the hand-crafted, artisan products. Some of these products are pieces of art, not engineering, and they are distinguished by their sonic signature which some people love and crave. In this category I would place an amplifier like the Yamamoto. If you crave that sound, you do get what you pay for. But like pieces of art, every amplifier is different (but still sounds beautiful).
On the other hand, you have real "high-end" sound, excellent engineering, reasonable prices like all the latest Parasound preamps and power amps. But at that price, there aren't going to be owners on this forum raving over how great their $4000 preamp is (and despite being the owner of a $28,000 preamp, I would regard the JC2 as a great preamp).
Is the mass market JC2 at $4,000 "low end" as compared to the Steve McCormack VRE-1B at $16,000? Do you get what you pay $12,000 more for? If Steve were able to manufacture and sell 500 units of the VRE-1 a month, he could probably make it at the same price, but it won't have the hand crafted non-metallic chassis, ear-selected, matched and high-tolerance components (each and every one of which he can describe the sonic signature of), and the lack of a remote control.
To Tom, he wants excellent engineering, and a no "house sound". To another listener, he may want a "golden midrange", and to another a "rich mid-bass". We probably all listen to different music. Listening to old Brit rock (Genesis, Queen, The Police), I need a system with full bass. Listening to the same system with modern, well-recorded Jazz Quartet (like Happy Coat on FIM) the bass would be bloated and boomy.
My bottom line is that I listen to music, not components. I am a music-phile and not an audiophile, and hence like Tom, I want transparency and a flat frequency response because of the wide range of music I listen to..... with the understanding that to get well-reproduced Ray Brown, I have to give up some of Phil Collin's kick drum.