I visited the Shinola store in December to look at some watches. Yes - they are more expensive than a Casio watch. But they are competitive with watches in that "class". And they are really nice. They have lots of nice stuff actually. And the store was PACKED. People everywhere. I'm sure you could say Coach is over priced handbags - but they are popular and they sell. Maybe to a select group, but they sell. They aren't going after the people who buy everything from Walmart.
On to the bikes.
I though they looked pretty basic from the pictures. But seeing them in person is different. They are BEAUTIFUL. Very well made. Little details hidden all over the place. The sales guy said they saddle is made by the same people who make brooks saddles (which is why it looks almost exactly like a brooks.) The one I looked at had handmade wooden fenders that were works of art. The welds were perfect. Everything looked good together. Would I ride it on a century ride, or to shop for groceries, or on a brevet, or to class? No. But it really was a beautiful machine.
Here in Detroit, people are pretty happy with Shinola. And our food kicks butt, as chaadster pointed out.