In theory, the quality gap between bikes made by the thousands on a factory assembly line, and bikes made "one by one", by a single individual ought to be significant. In actual experience, the quality of the best "Made in Japan" bikes of around 1980 to 1990 could be amazingly high. The best bikes from Nishiki, Bridgestone, Panasonic (as well as the Schwinns and Centurions made by the top Japanese factories) were very well made.

I have owned around a dozen Japanese bikes from that era, and each was enjoyable to ride. Most had very neat and careful workmanship, and fine paint and finish. (My Japanese Schwinn from that era had the only "less than acceptable" paint and finish, although it is still a nice bike). The 22 pound steel frame Japanese bikes of the 80's with a Shimano 600, Shimano 105, or top-end Sun Tour drivetrain provided about 90% of the "ride" quality of the Pro-level bikes being used in the Tour de France in that period, for about 20% of their mega-buck price.

But, I'd still love to have a Rivendell. A good factory-made "print" of a Picasso painting may LOOK like an original Picasso, but who would not prefer the "original", made by the hands of the artist?

So, when I win the lotto, I'm gonna have a Rivendell.