I don't have any objections to audio jewelry. I bought my tone arm, expensive, just because I loved the way it looked and I wanted to look at it whenever I played a record.
The newly minted raft of Asian millionaires are obviously chasing expensive dreams that make the affluent American audiophiles pale in comparison.
Some of the Accuphase products I have opened up are absolutely gorgeous, they seem to be an impossible implementation of precision audio construction. They also sound good, I can see how having them on the rack would inspire confidence in one's audio choices, and with the art of both design and construction, the prices seem justifiable.
However, I think most audiophiles who have been in the hobby for a while will necessarily develop a PHILOSOPHY of sound. If they haven't, and they just like the gadgets, then they will churn gadgets and there is nothing necessarily wrong with that, either. I don't usually think I would follow their path or recommendations, though, it strikes me as a case of nerves more than hobby. I listen more often when guys espouse their developed philosophies, rather than equipment lusting.
I also see the expensive setups that look like Intel clean rooms with massive, expensive monoliths of audio architecture. I also don't see anything wrong with that, if you can afford it and it gives you musical peace and fulfillment, or even just a sense of status and prestige. It's hard for me to imagine a lot of actual listening getting done when the tweako stuff and dust mops become so time consuming, though. It looks like high maintenance and low listening time. Listening becomes like an occasional tea ceremony, with some prized recording eventually consumed on the audio alter, rather than an integrated part of life. Music designed for dirty, crowded, smokey rooms played in Intel clean rooms is a bit too contrarian for me.
My own prejudice is that the best sound in America is probably in some guy's basement in a backwash of Ohio. He has a soldering station, access the a woodworking and machine shop, and his family thinks he is crazy. He probably listens to tubes. Maybe he and a friend or two ever hear his system.