I go the opposite direction as Elizabeth. I hardly own anything from larger companies, and have rarely invested in audio gear that comes from any of them throughout all my years in this hobby. Sure, there have been exceptions, but I tend to prefer to invest in the smaller companies as I do believe the products and customer service are superior - at least they have been in my experiences over the years. I also have had the great pleasure of providing services to a few small companies and have made some friends in the industry so have some outsider's sense of some of the factors at play there (not nearly as directly as Duke, of course). The aspect of engineering time that Duke touched upon is something I might suggest expanding upon. Smaller companies, in my experience, tend to run on a lower overhead that doesn't begin to approach what a large corporate entity might invest in the same things: Advertising, packaging, brochures, promotion, mailings, R&D, rent, employees, insurance....all of these are significantly lessened when compared to larger corporations. The latter, by economic necessity, must make up the additional investment in the markup of their product. If there are distributors involved there is an additional markup as opposed to buying direct from some manufacturers (though I think it's really difficult for a small manufacturer to deal entirely direct these days, there are still those that do sucessfully). Dealing with a large manufacturer does not guarantee longevity, or reliability or superiority (nor does dealing with a small manufacturer for that matter). For me it's also a personal decision; having been freelance and a business owner all my life, knowing what I can deliver for less $ than any corporate competition could offer, I have far more faith in the small business person over the large corporation. Also, the few times I've ventured out to CES or RMAF, I am far more impressed by what the smaller manufacturers are offering vs their corporate counterparts, and especially when you look at the comparative costs. Here's a list that I'd consider over any corporate counterpart, in no particular order, that offer far more for the $ in comparison IMO of course - this will be just fast off the top of my head, most of which I've had direct experience with and or owned at one time or other, but not all (some are confined to the headphone world):
Atmasphere
Audiokinesis
First Sound
Modwright
Wavelength
Audio-GD
Audeze
Quicksilver
Apex Peak / TTVJ
Empirical
AudioMachina
Decware
Silverline
Wright Sound (RIP George)
Daedalus
Schiit
Eddie Current
Soliloquy (OOB)
DH Labs
ACI (OOB)
Anti-Cables
Signal Cable
Tyler
....I could go on...