Well, I have a hard time thinking that most designer bags are worth their retail prices. And really, they aren't, because obviously the companies are making quite a profit on them. On the other hand, they are worth what people will pay, and a lot of people will pay retail.
I love HH, and I think their bags are incredible quality. The leather is great, the stitching is great, the linings are great, they are very well made. No, I can't see myself paying retail for them, though, but that's just me. I always look for sales. The only bag, for now, I can see myself paying full price for is the LV I am lusting, and that's because I know it won't go on sale.
But, compared to other brands of similar prices, I think HH is right up there in terms of quality and design.