I agree that the pricing can be stratospheric, but not all of it is snakeoil.
It's a long-standing joke in the audiophile community that some people have assembled insanely expensive systems, but only own ten records to play. Just like it's true that many musically great records sound like crap played on a high end system. The trick is to strive for balance!
I don't believe that Martin Logans can't rock - in fact I'd love to get my hands on a set of CLS's!
But is it really any worse than esoteric agitation schemes for film, experimenting with film/developer combinations or discussing the colour or contrast renditions of different lenses?