I used to be of the mindset that if I was going to buy something, it was going to be the absolute best of that particular item. I even remember researching flasks and other inconsequential things. It didn't take me long to realize that this method of buying just gives you analysis paralysis, wastes precious time, and usually leads to unnecessarily expensive purchases. I have since learned that cheaper items will often get the job done and (with luck) will last just as long, too.
A good example was a guitar I had wanted for years - my dream guitar. I finally talked my wife into letting me buy it and I when I got it, I was actually very disappointed with its tone and playability, even though it cost over $3,000. I sold it and found another off-name brand that made a similar guitar with the same tone woods for only $1,000. To my ear, it sounds far better and plays great. It doesn't have some of the same "bells and whistles", but who cares. It sounds good and that's what matters.
With pipes, I upgraded from my starter pipes to a mid-range line that I just liked the look of. I don't have enough of a developed palate to say if they smoke better than the old ones or anything like that. I just like the way they look and they were about $100 a piece.
I think the law of diminishing returns is certainly applicable when it comes to pipes. But all that matters is what is important to you. If you like the look, the person who crafted it, the story behind it, etc., then buy the thing and enjoy it!