Half of my pipes are beaters and not that attractive, perhaps because I never get around to returning the stems to a shiny black. They were estates when I bought them and I've smoked them for many years. The other half are new, and I paid between $100.00-$300.00 for them. $300.00 is as much as I can think about paying for a pipe.
All of them smoke fine, though some have better stems and more or less fine blasts or are pretty smooths. When I smoke the upper tier I usually take a few minutes to admire what was done well by the maker, and when I find evidence of craftsmanship or beauty, I appreciate it. I like pipes, whether mine or shown online. I regularly scan favorite pipe sites to appreciate what's on display, so yes, I do have the pipe bug, and I've defined what I like and why.
But if I had the means to buy the names of Former, S. Bang and Chonowitsch, I'd probably get two or three and smoke them side by side with my beaters and the upper tier, and if I couldn't fall in love with the quality of the smoke they provided, I very much doubt I would buy more. Anyone who has been on the forums has seen any number of threads that simply display a picture of a pipe most recently bought by a member followed by a dozen sycophantic replies, not to gain advantage but to pay the member back for all the times he has said the same vapid thing when they featured a pipe they had bought.
What do they say? "I bet it's a good smoker." But the fact is that if a pipe is drilled well and the wood has been given sufficient cure, any pipe is a good smoker. We go on and on and on about pipe quality, but the things that are so prized have little or nothing to do with the smoke but a great deal to do with craftsmanship. One of these is the thinness of the stem, which goes to comfort, and I will admit that it adds to the smoke. But whether the stem is opened, whether shank and stem meet without a gap and whether mortise and tenon are chamfered have nothing to do with the quality of the smoke.
Mike Glukler said above that when size and grain meet a certain threshold the price takes off; I would add maker to his two. The adage that something is worth what someone will pay for it tells me a lot about the prices commanded by the august makers. But even professional wine tasters can't agree in blind taste tests, and although I've not read about blind pipe tests, I can't but help think the same would hold true. I'm not blind and can say that the cheap slots in my beaters don't noticeably hinder the draw while a Kevin Arthur that is well-opened does not improve it. And I can't find any logic in chamfering unless it is to funnel any smoke that didn't flow from shank into the tenon. My thoughts are that a very sizable amount of the smoke is going to take that easy route. In fact I can't think of why any smoke wouldn't.
I'm sure that the revered makers' pipes are good smokers, but I can't for the life of me understand why anyone, unless filthy rich, would pay all that money for a pipe. And I wish we'd stop hearing the estimation about good smokers which mean nothing at all.