I don't think it's really a "gear obsession." Well, there is a boys-and-their-toys factor, I'll admit. But speaking just for myself I finally learned that sometimes the best is the cheapest in the long run. And I've learned through hard knocks, having gear fail and really inopportune time. One story that I have probably relayed here before, but I'll repeat it now: Many years ago I was fishing at a very remote lodge in northern Canada. The place had cabins but no plumbing, etc. There were outhouses a good ways from the cabins. One very very dark and moonless night I had to visit the privy and grabbed my flashlight to negotiate the tangled and overgrown path. All was well until I got to the door of the outhouse and had my bulb break/burn out! The whole way back to camp in the dark I was sure I could feel the black bears right behind me! blush

I'm not trying to convince anyone to spend $250 on a light but I'm strongly of the opinion that you get what you pay for. At ETS we discuss being prepared; this takes on many meanings. It can be training and skills, it can be gear and equipment. Ideally it's both. Just as a wise person carries a PSK when out and about I think it's prudent to select quality gear. Do you need an HDS Rotary or $500 McGizmo Haiku? Strictly speaking, no, probably not. But there's a lot of ground between the $500 objets d'art and a $2 Rayovak.
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“I'd rather have questions that cannot be answered than answers that can't be questioned.” —Richard Feynman