Ken,
I completely understand your comments and can't really argue the validity of any of them. However, a couple of things come to mind.
Finishes: If the basses come with either a lacquer or varnish (upgrade) finish, what is the price difference. The Uptons come with an oil varnish tinted to the customer's preference. This is their standard finish.
Comparing them to a NS is a fair comparison, but there is a significant price difference. Several top bassists in town, including a member of the KC Symphony, have played my bass and commented on the fine setup. None have mentioned any problem with the neck set. My teacher told me he had never seen as nice a bass for so little money. I'm not disputing the potential benefit of Arnolds methods; merely the practical benefits in terms of value. A LaScala is a beautiful bass, but twice the price of my Upton and certainly out of my price range.
FF's and Hype: I agree with you on this. Personally, I don't care at all how some designer came up with my FF's. Give me a classic design that fits the bass and don't make a big deal about it.
I do agree that Upton occasionally crosses the line on TB. They are trying to build a business and sell product. Were I in their position, I would like to think I'd lower the hype, but I can't say for sure.
Sizzle helps to sell the steak.
Due to the fact that I live in Kansas, much of what you are saying is theoretical anyway. There aren't any Shen, Wultur or NS basses within hundreds of miles of me. KC Strings offers a Chinese line that frankly doesn't compare. Another shop offers Eastmans on a special order basis carrying no stock. Then there are the guys like Branstetter who may have a bass or two on occasion. In my market, the supply is limited. Had I purchased a Gigla bass from JR for instance, by the time I paid shipping, and a full set up, the bass would have been much more than $2000.
The Upton came to me with a great set up, oil varnish in the color of my choosing for $2600. Even at the current price of $2900, I think they are a fair value given the level of set up offered. For me it was a good choice. If I lived in a larger city with more choices, I may have made a different choice.