Law of Accelerated Returns

@ghdprentice , It is not so much a matter of diminishing returns as it is value.

There is equipment that is a much better value than other equipment of similar performance. Much of this "value" equipment is still plenty expensive. There is a category of "Luxury" HiFi made purely for very rich people who have to drive a Rolls or have it driven for them. Much of this equipment is needlessly complex and over built with things like 300 lb CNCed chassis. I put that stuff in the same category as a Rolex watch. An Apple watch is more accurate and you can put a Mickey Mouse dial on it. You can see Rolex watch wearers a mile away. Their left arm is two inches longer. 

Media people have to extoll the virtues of ultra expensive equipment. It is their job to do so and their revenue depends on it. 

If it costs more it sounds better because it costs more. Many media people have this programing. They did not experience the lowly Roger's LS3 5A

Lastly, we frequently view the past with rose colored glasses. I fondly remember several systems. They were excellent in their day but I shudder to think what they would sound like today.

There is a well respected school of thought, that has been around for quite some time now, that what someone pays for something is less than or equal to what they value it at.

What Mr Harley is on about is something rather different.  Although, as I said, I have only read what he wrote in 2014, not 2022.

@mapman 

You can’t hit the target until you know where it is. 

When I was a freshman at college, this clever upperclassman would try to get us new frosh to over-consume beers at parties by saying, "You can't know where the line is unless you go over it." Then, once someone was beyond holding their liquor, he'd direct them to go throw up on Ware House, the dorm for all the pre-med students in our complex. Just a fun memory, since I wasn't the one who threw up.

As for audio, I have recently heard some very good systems, but not in the stratospheric range. A couple of them had custom builds happening, so it's hard to know what they cost. What was true, though, was the the owners had really worked for years on them, and what I was listening to -- whatever the sticker price of the gear was -- was the result of a lot of sweat equity, true audiophiles who listened, tweaked, changed gear, listened more, worked on room acoustics, etc. 

To me, the question becomes akin to the difference between the experience in a cozy, comfortable, home which has been domesticated with love over many years vs. a new, expensive, super modern house. One of them is very expensive, and some great features; the other is humble but crafted into the site of aesthetic experience. I cannot see how price plays a role in that kind of comparison.

It’s true the most important ingredient is caring, not money.

I know my hifi sounds good and the way I want it to sound to me. Lots of time and sweat and a few $$$s spent over the years to get it that way. Also listening to everything and anything and paying attention over many years, both hifi systems and live.

Not interested the slightest in having a competition. No Hifi Olympics for me. Mission accomplished!

I agree the possibilities in high end audio is incredible, the possibilities in high fidelity audio is also incredible though the two aren't always synonymous. I've heard extremely high fidelity equipment that put high end equipment to shame at a fraction of the cost so I don't know if it would be considered high end. But that's my personal experience and  2 cent opinion.