Probably a thread looking for a short life span. Like Maico noted, a reel is only overpriced if you paid at or over full retail for a current production reel.
There are always guys out there that are best described as "best bang for your buck". Typically wont fish a reel over $100 and may prefer setups that are all purpose. At the opposite end you have the high end enthusiasts/collectors. These folks look for simply the best of the best out of a reel that may only be used for one bait or style of fishing, something rare, or a reel with a color scheme to match a rod or custom build.
Is the guy fishing Texas rigged worm with the $100 budget reel missing out on any more fish than the guy using the megabass hedgehog or Daiwa Z? Did the guy fishing the latter over pay for a reel?
The answer essentially lies in level of expectations, budget, and level of perfection one looks for. Some folks meticulously take care of everything they have to a level of care that would drive most people nuts. Then you have some that are in more of a hurry and just sort of toss things around without second thoughts and are harder on their equipment. Since a reel for these folks will be put through the ringer they may have a hard time justifying a "pretty reel" since it will get beat up quickly.
I know guys that refuse to buy reels other than pro qualifiers and others that only fish $300-$600 reels. Guess what, ... the guys catch the same amount of fish and do equally as well on the water. The guy fishing the $300 reels has a totally different expectation of his reels, and while they may not catch him any more fish he says he gets more enjoyment out of them with respect to their looks and performance.
So back to the question at hand... without bashing brands that I don't care for I will say that most reels in today market place are priced fairly for their market segment for what they offer the angler in their stock form.
While I have a reels from $100 - $500 in the rotation I have no problem catching fish on the $200 and less reels nor do I have an issue with their performance.
It all boils down to angler preference / expectations / budget for determinimg the price to performance ratio for a reel.