I have bought several 1980's steel road bikes "cheap", and then restored them to "like new" riding condition. I don't worry about looks - I put the money into rebuilding the wheels, new tubes and tires, new saddles, bar tape, tune-up, and replacement of brake levers and calipers (if necessary). The total cost of these projects bikes has ended up between $200 and $600. So, compared with a new Rivendell, restoring the old bikes has been a bargain. (The combined cost of ALL of my "Project Bikes" might have been enough for a basic Rivendell, though).
Yet, I am quite sure that if I won the lottery and had LOTS of money to spend, high on my list of new "toys" would be a Rivendell. It would be terrific to be able to talk with Grant Peterson, discuss which steel tubes would be the best for my weight and riding needs, maybe convince Grant to go with the slightly short top tube than he would chose, and have the bike built to my exact specs. Maybe get contrasting colors on the lugs, and some other little things. So, anyone know what the winning lottery number is going to be next week?