Jeff... You're right, of course, on each and every point you raised. My #1 tournament bow in the late 80's was a Hoyt ProVantage Tracer. The Tracer was the budget bow in the ProVantage line. I won half the tournaments I shot with that bow. If I'd been shooting one of the high end models, would I have won more tournaments? I doubt it. I've got a Super Slam Legacy, basically the same exact bow as the Tracer only with different camo and high end Carbon Plus limbs. I can't tell any difference.
Frankly, I shot both bows better than the high dollah, high tech, ProTec I've got now. Although, I must admit having replaced the E-wheels on the SuperSlam with modern Accuwheels. Very nice!

But don't try that at home, kids!