@wcannoy--that is the best and most concise perspective on the issue yet, to my mind.
To address the original post, Dunhill was a master of marketing hyperbole very early on in the game. To that end, oil-curing does have merit as a process, as does well-aged briar. To delve into the mechanics of wood, one must realise it's a substance that is always alive--it is hygromorphic, which means that it changes its shape on the cellular level in response to atmospheric conditions (moisture, pressure, and heat). From a woodworking perspective, well-aged wood is a must; the requirements for different woods and applications vary greatly. Wood for construction purposes is often kiln-dried, cased or even used "green"--think how many times you've seen 2x4s that looked like a wet noodle at your local lumber yard. Furniture grade wood is ideally at an 8-12% RH (dependent upon species), and slow-cured, being dried and re-wetted over many years in a controlled manner--I've gone out of my way to source cyprus that was nearly 100 years old, for example, but figure 8-15 years for high grade examples (think Ethan Allen and above). I've done work for Roman Thomas (we made some of the president's office furniture) using 80 year old "true" mahogany. Burl wood is admittedly something I know woefully little of, aside from the basics of candling, or selection. Burl, owing to its nature of being tightly-packed and non-linear grain, really does take decades to properly cure, to come to reasonable equilibrium with the environment. Add to that the end-user requirements of being constantly exposed to extremes of heat and moisture, while maintaining structural integrity. The logic of oil-curing to release tannin and moisture makes sense to me, but is it better? I can't say definitively, and I doubt anyone really could other than owing to their personal preference.
Now, that being said, I think the ultimate consideration comes down to how the manufacturer, be it artisan or factory, utilizes that piece of wood, and how its displayed. Wcannoy makes the case for pricing, and it's spot on. Dunhill's greatest advantage is volume and history--and yes, they can afford to sit on thousands of blocks for decades. I recall reading somewhere (and take this with a grain of salt til I can cite the source) that during the period they were absorbing many smaller manufacturers they acquired vast tons of aged briar. Also consider that for an artisan to keep food in the pantry, the cost of living at the point of origin is a serious factor.
Take as an example Paolo Becker or Ser Jacopo, two marques that in my opinion exhibit the highest attention to actually using the wood to best effect. Grain patterns are always thoughtfully aligned, shaping is always deliberate, if sometimes a bit extraordinary, and draught mechanics are always dead on. The end result is a pipe that is always (let's give them the benefit of 99.5% of the time) a good smoker. Paolo particularly excels with briar and in his experiments with other material, to note bog oak (or morta) and strawberry wood, which he has pioneered. Is it worth paying the going rate for these pipes? I consider them a bargain.
However, this is just my two cents' worth, and if the going gets tough I might have to ask you for that two cents back some day.