Mike Y,
Thanks for the clarification. Your meaning of what golf has become is indeed a bit different than what I thought you had in mind.
Its the absorbing of every last profit dollar to be found that is most worrisome to you. I guess that could be an issue, but given that there are so many equipment options in golf, I don't know how big of a concern it is.
Some people are early adopters and must have the latest and greatest of everything. And if their income is such that they can afford a $300 putter, with a head cover, then so be it. After all, the origins of this game was based on the rich, private model. The concept of the every man playing golf came much later as I understand it.
So in my case, when the two ball putter 1st came out, I really really loved em, but couldn't afford one. But sure enough I waited and I found one on sale about 4 years ago for $69, so I bought it. But even that price may be out of the range of some golfers. Even today, I could scurry down to my local used golf club shop and pick up a cheapie putter for $15. It may not be the best in the world, but it'll get the job down more or less.
In conclusion, given all of the previous years models, and the 2nd, 3rd, and 4th hand clubs that are available....I think those who can afford the extra premium, and buy the fancy putters... is fine. No one is forcing them to do so. If a individual person doesn't think $300 is a value proposition, then one can vote with their wallet and abstain...simple as that!
Golf remains, and ever will be a luxury item. Its hard in my mind to come up with "reasonableness" in terms of pricing structure for a game that the vast majority of the worlds population can't afford to play.