I think I am pretty level headed. I don't generally go off the rails when it comes to stuff. I like good quality but I will usually only make a purchase if I either need the item or if I can foresee a future need.
I want this just because I want it. It is one of the most beautiful things I've ever seen. Full disclosure: I don't need another knife; I don't particularly need this knife; I just really, really want it.
The steel is Damascus steel. It starts with five blocks of different steels welded together, and is folded eight times. It is twisted during forging to create the metal pattern. You can see the pattern here.
I can't justify spending this much money on something that I really don't need and will never really use to its full potential and have no one to pass it on to. This is the kind of knife that I would see getting passed on, generation after generation. I have no generations ahead of me.
But I still want it. I blame Harvey at IMAO. He linked to the video they made on their hand making process. You have to watch and then you will want one too.