Steve,
Your comments about rich sportsmen buying the most expensive toys don't explain the popularity of high-end equipment. Sure, a lot of it is hype by the manufacturers (how else to you explain $600 fly rods, $150 tennis shoes, $40,000 jet sleds, $600 golf clubs, $3,000 shotguns, etc. etc.?), but there aren't enough rich guys around to keep all the equipment companies in business. I think there are plenty of people around that appreciate the engineering and esthetics of the expensive stuff, and are willing to pay the price that goes with owning the best, knowing that it won't make a noticeable difference in numbers of fish caught, golf scores, or whatever. These guys are willing to adjust their budgets in other places so they enjoy owning a fine piece of sporting gear. Life's a compromise, and some guys' priorities are to cast a GLoomis and swing a Biggest Big Bertha. Of course, they might then live in a shipping container and drive a Rambler, but that's just a reflection of their priorities. <g>
Personally, I love well made, high-tech equipment but I'm happy enough with my Lamiglas rod. Of course, Lami now has that Titanium stuff, and it is SO COOL I may be eating beans and rice for a while....

MikeT