I've made many purchases over the years I've been learning to record.
Some based on budget constraints/availability, some based on hype/"shiny new product that eliminates the need for actual knowledge".
some based on..... well, a gut feeling taking into consideration the company/maker, the parts involved in production, and a few well placed questions to folks that have been in the game longer than I.
Also, sometimes on a session, I'll hear a piece of gear being used to record something I'm playing and I'll dig/not dig what I'm hearing and make/not make a purchase based on that.
I have very little interest in audio "shootouts" done by folks and posted on the internet. There are too many variables on either end of that spectrum (varying mic placement, their level of knowledge relating to the settings of the gear, etc. My monitor setup, room sound, etc) to ensure that I'd be purchasing what it is I think Im hearing the equipment doing.
I too have a small collection of mics/fx, etc that aren't worth the trouble to sell, but 99 out of 100 times aren't goint to hold up sound-wise to the higher end products I've been able to work my way into over the years.
Although the thread is sort of fun to read, there are many folks at the beginning of their journey who may be able to afford only mxl mics, M-audio preamps, etc. They served me well at that time to get work done. That's also what it took for me to start learning the difference in what things sounded like to me, and what I would gain with the purchase of more expensive gear.
WORST PURCHASE?!?!?!? Probably my first set of golf clubs. That little obsession I blame for most of my back problems, wrist problems, substance abuse problems and violent tendancies. Good lord.