But the opposite end of the spectrum is also true - who would want to pay $ 50.00 for a No. 2 lead pencil?
Chances are that the brain surgery you'd get for $ 2.00 is pretty poor, despite it being a bargain, and I doubt a $ 50.00 No. 2 lead pencil would perform leaps and bounds better than a twenty-five cent one.
While I definitely agree with your various points, I saw the bit about $50 pencil and I counter with the opinion that a Rotring 800 lead holder that uses 2mm leads is absolutely AMAZING to sketch with, whereas a $0.25 pencil won't given anywhere near the same performance. For applications outside of drafting and art (or for those who do better with thinner leads) I definitely agree that there wouldn't be any real difference.
But I'm one of those people that would willingly spend $73 CAD on what amounts to a pencil because of how versatile it is (that and the fact comfortable to use large lead holders have a relatively small selection in the grand scheme of things), but I'm beyond hamfisted when it comes to anything smaller than a 1.3mm lead (aka I break them WAY too often, especially if it's 0.7mm or thinner)