Since the whole idea of production and midtech knives being a known quantity has already been addressed, I'll shuffle that around a bit to include the craftsman's perspective - whether a custom maker or an employee for a major manufacturer - as to the relative quality of the product. While every person who makes anything would like to say that his or her creation is the best (knives, furniture, food, artwork, etc.) there has to be that realization that sometimes there is a lot riding on a name, and if a known quantity costs the same or less, it made hard to sell the unknown quantity. I'm a musician, and while part of me likes to think that my music is better than what someone else comes up with, that doesn't necessarily make it so. I'm lucky to sell a few CDs or iTunes downloads per year and am unlikely to rise beyond playing dive bars, because if nobody knows who I am, why would they take a chance on an unknown when the "sure thing" is readily available?
Knives and tools and collectibles of all kinds are commodities at one level or another. Some of us are more willing than others to go beyond marketing or published specs, but that has a lot to do with appreciation for the intangible qualities of a custom creation. For some, a knife is a work of art, while for others it's like a physical extension of his or her self, a tool used for some satisfaction that only that one piece of steel can achieve. Me, I have only one custom knife, and it wasn't made for me, but rather being sold by the maker by way of a shop in his area that made a point of having a couple of his knives in stock. It's nice, no question, but if held side-by-side with a production knife made from the same materials, it's not all that unique on the surface, nor necessarily better.
It's the intangibles. Unfortunately, money isn't intangible, so if it's just about performing a certain task, I'm going to more likely than not buy a production knife that I know based on other users' experiences is up to that task.