It is all circular.
My $15 Kaywoodie was a (based on inflation) a $60-70 pipe when it was sold in 1937.
Yet, if it is suggested that someone purchase a $15 estate Kaywoodie pipe as a "beginners pipe", some will say "no sense in that, save up your money and buy one of the lower end Petersons" (which run about $60-70).
In actuality, I would think there is more chance of consistency in purchasing a "machine made pipe" over a handmade.
You might get a better smoking pipe in purchasing a hand made or custom, but you might not.
But I would say that most, for example, Adjustomatic pipes smoke very similarly across the shapes and sizes. You may or may not "like the smoke", but it will be consistent.