Are we paying for the name

[Turmeaus - Calum]

It isn't just the name that we pay extra for (although I'm sure it's a contributing factor!), there are various things like additional ageing time (standard cohibas) or rare Medio Tiempo leaf (BHKs) that also increase the price. However - as many people have said - it doesn't necessarily mean a better cigar. Personally I much prefer PSD4s and RASSs over Cohiba Robustos and they both usually retail for around ?10 cheaper.

[butternutsquashpie]

An aged Cohiba (like Simon's shown Siglo Vs and Lanceros) is truly a great treat. I might have one after work today...

They're one of the best few cigars that I would dish 20+ quid on. Mind you- most aged stock exists between 1999 and 2001. Of which I have found absolutely horrendous blending action going on. A Cohiba Lancero with +5 years on them - brilliant.
Unfortunately, I will have to say they are the more likely ones to search for in terms of better El Laguito quality. Whichever boxes have the same box codes as the BHKs are generally all good.

Like everything in cigars, it's an odds game. You pay more because there's a more likely chance that the cigar will be enjoyable. Cohiba is no exception.

[butternutsquashpie]

so there must be plenty of people that like Cohibas just fine at the price they're sold at

non-ritualistic cigar smokers - one time buyers.
walk in buys - people who don't smoke cigars for the social aspect.

There are people i hear from retailers that buy a box or two of BHKs every week.