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Bikes: '93 Bridgestone RB-1, '91 Specialized Allez Epic, '85 Raleigh Team Pro, '78 Andre Bertin, early '90s F. Moser Leader AX , '85 Centurion Equipe, '98 Litespeed Tuscany, '89 Klein Quantum, '80 Nishiki Superbe, '83 Peckham, '84 Fuji Opus III
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It's an overly simplistic sound bite but his general point sounds about right to me. I can't think of another industry that is so emotionally ("bells and whistles") driven as contemporary bicycling. Audio gear runs a close second.
It would be interesting to know the context of Mr. Schwinn's comment.