I introduced the Rapha site to a buddy of mine while we were at work. He about lost it. He's obsessed with kit, so I was surprised he hadn't heard of it. But yea, he could not get over the cost. That said, as with anything, if people are willing to pay, then there's no limit to what someone can charge. The only way to quantify if something is "worth it", is whether you're willing to dish out the $$$. I have no problem spending $7-$10k on a brand new bike, despite knowing that I could get a 2 year old one for 40% off, but I won't spend $200 on a jersey or bibs. My brain just doesn't like the thought, and I'd hate myself every time I put it on. That said, I'm not arguing about their quality as it seems pretty established.
A bit bland for me though...I like "stupid" looking kit...stuff that sticks out and makes people laugh, whether it be dorky quotes/comments, or just silly images/patterns. Fits my personality better than looking like I'm wearing Polo Ralph Lauren. Maybe if I was actually good...I'd want something more professional looking haha.