I admit to sometimes feeling a little superior to my snobbish bike buddy, when I smoke him on the uphills on my used bike that costs 1/6 of his italian dream machine. But I lucked out on a good deal and had a good buying experience, so in a way my bike is MY own dream machine. I'm already looking at replacing components after having had it less than a year, but it doesn't bother me because the bike didn't cost me much in the first place.
I probably would never drop a lot of money on a bike. But I do think it's better to use a lot of money on a really nice bike than on, say jewelry, or a designer sofa. Not that's it any of my business how people use their money anyway (and you could always argue that one should give it to charity instead) but still it makes more sense to me to buy something really really functional AND beautiful, that helps you get fitter and enjoy your sport all the more, than to buy something that's just decorative.
Winter riding is much less about badassery and much more about bundle-uppery. - malkin
1995 Kona Cinder Cone commuterFrankenbike/Selle Italia SLR Lady Gel Flow
2008 white Nakamura Summit Custom mtb/Terry Falcon X
2000 Schwinn Fastback Comp road bike/Specialized Jett