I love my old Peaveys and have four of them. Specifically, a T60, Patriot guitar, Patriot bass, and Ecoustic. They're all interesting and unique, play well, and are well-built. I think for what it is, my T60 is easily worth the $450 I paid for it a few years ago. I personally like the unique look too. Since you mention the T60 specifically, I have one of the painted poplar versions and it comes in at 8lbs, so it's fine for me and about what my Strat Plus weighs. the painted ones have contours too are are reasonably comfortable. I get along with a range of necks, so the skinny neck works fine for me but I can see that being a showstopper for some people. I find the blade humbuckers plenty articulate and prefer this guitar to my Les Paul Classic. I simply use the tone pots to get more or less "mud" like any guitar. These are among the most useful coil splits I've ever used. The split at 7 on the tone knob for each pickup works well enough, but more importantly, they have a useful single coil sound instead of sounding weak like a lot of coil splits I've tried. Here's how it can sound. At 4:40 I dial back the humbuckers into single-coils. My Patriot is barely over 6lbs, super comfy with a Fender-like Gibson-scale neck. I found it used for $95 on CL, put new tuners on it, painted it, and it it plays great. I've taken it overseas by removing the neck and putting it in my checked luggage. The Super Ferrite pickups on it are very P90ish. One of the guitars in this one is a Revstar with P90s. The other is the Patriot. Here's are the Peavey siblings. I used to have a Falcon too which also played wonderfully, resonated really well with a beautifully flamed maple neck, but I decided to sell it as it had a Kahler Spyder locking bridge and nut which simply annoyed me. To the original question about what people are paying for these things, they're simply well-made instruments with a unique flavor that some people simply enjoy.