Tim, nothing wrong with the picture that marketing did not create in the first place! And, IMO, while our gear can measure the same every day, our ears and ear/brain interface are so fickle that on no two days can it agree against any hearing tests when we factor in our moods, time of day etc.
We are the variable. We like to buy new toys. Notice when you go to audio shows, that you can go into 70 rooms and only like 3 of them, and the gear can range from $5K total to $200K total, and price is not the issue. (there are variables here of course, as in not having your head in a vice, but if you dont do that then ALL bets are off anyway).
Ego mastubation is a part of this too. And, how stuff looks and how it is built too. And, for those who really understand, how things are put together under the hood. How things are put together can draw a premium for satisfaction of ownership, another variable.
How come new references every few years? Market churn. You have got to be kept feeling you are somehow out of the loop, are missing something....yeah, other than source and speakers, your missing a change in tonal color..thats about it.
There are some techical differences in circuit topology, but implementation of same types should not cause huge price differences
And, the biggest one of all.......folks are willing to pay, in any hobbyist thing....a lot of money for a true OR percieved upgrade..not matter how obscure or virtually inaudible. I think its called pride of ownership for which I dont think there is a top dollar limit!