I think there is a line that gets crossed at times.

It is not wrong to have good gear but sometimes the magazines, websites and retailers try to load you down with all the latest greatest and expensive goodies.

My best example is the titanium spork. I know some folks like sporks but I think the make a both a poor spoon and a poor fork.
Now make one out of titanium and charge $25+ and you have IMO the most rediculous investment in gear. Lexan utensils cost $1 and are just as light and almost as durable. None the less I am sure hundreds of thousands titanium sporks have been sold.

On the other hand a well made pair of shoes / boots, a quality sleeping bag and other items are definitely worth spending money on.