I have a couple of thoughts:

I like well-designed and well-made steel bikes that are lugged or 
fillet-brazed, are built for 1" threaded quill stems, and can accommodate 
tires of at least 32mm and preferably wider.  Offhand I can think of a few 
specific models from other companies that meet those criteria, but Riv has 
a line-up of them.  My criteria describe Riv's core philosophy, despite the 
relatively recent introduction of TIG-welded models.  The specific models 
from other companies are about the same price as a Sam frame or are more 
expensive, so comparing like-to-like, Riv is priced competitively. 
 Comparing Riv to, say, Surly or Salsa or other mass-produced Chinese 
frames, Riv is "overpriced" but Grant acknowledges the better value of a 
Surly frame if all you care about is utility.  I want more than that (and I 
own a Cross Check, so know the differences firsthand) 

I respect entrepreneurs in general, what Grant's done specifically, and 
I've been pretty heavily influenced by him over the past 5 or so years.  I 
like what the company is about, I like the people who work there, and I 
want them to succeed.  Grant's been open about Riv's financial woes over 
the years, and I want to help when I can.  I feel the same way about 
another small bicycle company with whom I have a closer relationship than I 
have with Rivendell, and I also support them with my dollars whenever I 
can.  This isn't altruism, but it's a conscious decision on my part to send 
my dollars to people who fill a niche I believe in, who've been good to me 
over the years, and whose success I want to *actively* contribute to.  I'm 
not just a satisfied customer, I'm a loyal customer, and I get satisfaction 
out of knowing that in a small way I'm contributing to their continued 
success.  

I love Waterford (and BTW, that's not the company I referred to above).  I 
own 2 Waterford-badged road bikes, owned a Waterford-badged racing bike 
that I recently sold, and own a Waterford-built Homer Hilsen.  I tell 
people that Richard Schwinn must have a pot of magic-dust that he applies a 
little of to each bike they make, 'cause they all ride beautifully.  All 4 
are outstanding bikes, but that excellence comes from a combination of many 
factors, especially build quality and design; it's not just about brazing 
technique.  The craftsmen in Taiwan are just as capable as the Craftsmen in 
Wisconsin, and I wouldn't foresee any difference in overall build quality 
or ride quality between an identical model made at Waterford or in a good 
shop in Taiwan.  The Taiwanese Sams and the Cheviot I have are just as 
pretty and well put-together as my Waterford-built bikes, but I can't 
compare them directly because they differ in design and purpose.  

Based solely on price, I don't foresee ever buying a custom Riv.  There's 
an excellent local builder who'd build a custom lugged or fillet-brazed 
steel frame and fork with all the bells and whistles I'd want for 
(currently) $2350 or less.  I'd go that route and get a bike just as nice 
for much less than a Riv custom.  A lot of good builders exist who would 
build a nice custom in the same ballpark of price, so in that respect Riv's 
custom prices do seem high.  It's a good thing that custom orders aren't 
their bread and butter.   

Last and least, I'm glad I took advantage of the recent Sam and Cheviot 
presale on the day they were $1000; that was a great price even then, and 
as of today it's even better!

Dave (yes, that's my real name)

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