Originally Posted by sstorkel

If you're an over-weight uber-Clyde, I agree. If you're a competitive Category 1 racer, you may find that spending more money actually does buy you better performance. The difference between an $8K bike and a $12K bike, for example, is often deep-section carbon fiber wheels. If you've ever ridden them, you know that they do make a noticeable difference in the right conditions! In the $2000-5000 range you often find dramatically lighter frames and components as well as dramatic increases in stiffness. Again, if you're fit enough these things do produce gains.