Lynn Thompson definitely walks in the Great American Tradition of hype, but Cold Steel does make a quality product at very reasonable prices. Is the Trailmaster really better than Busse's Battle Mistress? I doubt it, but I don't care; and moreover, even if it is false, I doubt TM owners will feel cheated on the quality they got for the $ they paid.
I owned a Master Hunter which I liked very much. Definitely one of the best all-round knives for the money. I've used the SRK too, and found it to be a very good knife.
That said, my own feeling is that CS's heavy promotion of "tactical" designs do get in the way of making a more all-round useful knife. Sure, you can whittle and prep food w/a tanto, but it's not the most ideal. I've also never gone for the bigger knives because they all (or most?) have double guards, which seems at best "optional" these days, even for tactical designs. For me, this counts as the effects of hype; for others for whom these things aren't a concern, CS no doubt offers an awesome tool.
(Sunday morning, ramble, ramble....)
Glen
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"What's so funny 'bout peace, love, and understanding?" -Elvis Costello