Wow, the irony in this thread. There was almost an identical one on an astronomy forum. Just enter "Telescope" where there is the word "camera".
I have the mindset that if you only own one camera, its the best camera you can use. If you own more than one camera, the best camera is the one you use most often.
In my own experience, quality(or performance) vs value is extremely logirithmic. Paying much much more for very little increases in quality.
If someone owns a leica and enjoys shooting with it, I say fantastic. If someone owns a 100 dollar point and shoot and is willing to work hard to get quality images, also fantastic.