If I offer one steak at $10 and another at $50 which one will you assume is better?
Iwould assume the $50 steack is of better quality, but it wouldn't justify the ratio between both prices. And, depending on where I buy them, the "place" would have an influence on the price. But I don't see the link with masterworks. Not to derail this thread, but in great restaurants, you pay the fact that they serve the food in "hand-made" dishes. Does that make the food better ? May be that would be a better analogy with hardcovers/softcovers. But it would still be a limited analogy. I prefer hardcovers because they look more classy on the shelf, they get less worn out by the readings, etc...

Would people n this board be as excited about buying HC Masterworks if they were only $5 each? I'm sure some people get a thrill over the expense and exclusivity/rarity the books offer.
Well, not me. If I could have hardcovers for $5, THAT would get me excited !!!