Most folks will happily sign their checks with a Bic and never visit a forum for writing instrument enthusiasts to brag about it.
Walt, thank you for bringing up the subject of writing instruments.
This gives me the opportunity, and great pleasure, to introduce to you one of the greatest men alive today. Someone who by example can probably make a better argument for the Cob than any words I can string together.
A shining light in dark times, never afraid of his own opinion, always entertaining, a veritable one man army (he runs his company almost entirely by himself), an inspiration to all, I give you:
Nathan Tardiff.
https://www.youtube.com/watch?v=rG6_4GK8QCE
https://www.youtube.com/watch?v=D6L0lL-VzSE
The reason people buy a Fountain Pen is almost identical to the reason people buy a Pipe.
Lower cost, less waste, huge variety, greater enjoyment of an otherwise ordinary thing, and a connection to the old world.
By following Nathan's instructions, and with some extra research and practice (tuning nibs is a bit of a hobby in itself), you can have what is functionally one of the best writing instruments in history, for about $20.
Actually my current favourite setup, a Jinhao 159, only costs $10 (http://www.gouletpens.com/jinhao-159-fountain-pen-black-medium/p/JIN-159-Black), and it will take #6 size Noodler's nibs, and seems to write decently wet by default.
Can you spend more money to get something better? That depends on what you mean by "better". More polish and better looking? Yes, but not a better writing instrument. Stock nibs from the factory are all pretty much the same whether the pen cost $300 (like my Pelikan M600, which I waited about a day before I took it to the grind stone) or $10 (like my Jinhao 159).
I've read enough stories about people returning pens to Montblanc to know that it's not worth my time. Even Nakaya is more marketing than function (they use stock Platinum nibs, and I've heard some complaints).
The only way for someone to guarantee a premium experience with a pen, without tuning it themselves, is to send it to someone for tuning. The only website I know of with this service is Indy Pen Dance (http://www.indy-pen-dance.com/), but there may be people on the forums who could do it for less if you're not using an expensive pen.
Anyways.
Bringing this boat back around to Cobs, it's the same situation as the pen.
Even if you discount the wide open draw that so many people are looking for, a Cob is going to perform about as well as virtually any factory pipe off the shelf, and as a matter of price to performance they are absolutely unparalleled.
I would say that a Rossi Vittoria for $44 is a great deal too, except that the ONE pipe I bought from them had a draft hole clogged with bowl coating. Out of nearly two dozen Cobs I've never had one that didn't function perfectly out of the box.
On top of that, if you count the open draw, quite frankly Missouri Meerschaum is the only option for many people looking for a certain kind of pipe smoking experience.
Not that I particularly care whether or not a pipe has an wide open draw anymore, but it's something different to try. Isn't variety one of the things we love most about this hobby?
Just like any other pipe, if you're not happy with the stock configuration you can send it in for a little tuning and a custom stem and it will probably come back an amazing pipe, even with all the rough edges on the outside.
Cobs will never fit in with a certain crowd, but like General MacArthur, sometimes it's healthy to keep a sense of pride in your roots no matter how distant that may seem.