I have both, and I think it depends on the brand. Sure, marketing is always involved, but there really can be a big difference in the quality of the materials and the construction. The key is being able to look beyond the hype and identify the best value for your money.
Case in point: I have several Botkier bags and have been very impressed with the quality of the leather, how "solid" they feel, and how well they hold up. I also own a Bulga hobo that started to fall apart within the first two weeks (WTF?!). Those brands are around the same retail price. Meanwhile, I own several MJ collection bags, and even though I'm impressed by Botkier, I can tell that the MJ bags are higher quality. And in terms of design, more timeless. I am willing to pay more for this.
All that being said, carrying my MJs doesn't make me feel more special than when I carry the Botkiers. To me, it's about what I love and the value I get for my money. Which brings me to my last point, which is that I buy all my bags secondhand. My (fabulous, glamorous, interminably chic) grandmother always said, "Never pay retail." I subscribe to that. And it's allowed me to maximize the return on my investment, so to speak.