Souveran is the most expensive wax I've ever bought. Though I bought it via autogeek's "forum favorite" back when that first came out and was an insane deal (under $80 for PS, PCM, and 16.9 oz KAIO and KSG bottles, plus some applicators and towels).
Absolutely it's all relative. I get way more bang for the buck from a bottle of ColorX than from anything else, but that doesn't mean I don't use anything else. Just like with cars or anything else, everyone has their own value equation.
At this point, though, the most I would spend on an LSP right now is $0. I have so many products that work just fine and will last me another 10+ years, I'm not inclined to throw money away just to try something else out (though I used to and can understand why other people will).
I did just get some of the Edge wool pads to try out though, as Superbee's ravings about wool pads piqued my interest.