Its expensive because every single bonus is pretty useless in the end, and won't make much of a difference, so people go for the status symbol of a perfect upgrade, especially when gold is meaningless and there is nothing else to do with it once you have 1.4 million.
People who spend more than 1,000 gold on a 9/10 sundering hilt or a +29 sword pommel are idiots, unless they are just buying to turn around and sell to a bigger idiot. Its not perfect or effective, so there isn't much point.
I do think that the +30 fort versus +5 armor is debatable (and debated it at length with Ensign yesterday). I prefer fortitude for warriors who have lots of armor and get attacked by mesmers/necros/smiting monks/elementalists a lot and armor for my casters who have less armor to start and get attacked by warriors a lot, but if you are looking for the cost effective alternative, +5 armor is indisputably the way to go.
If you use enchantments, a pommel of enchanting is a good option, or if you conjure the right elemental upgrade is important, otherwise, none of it really matters.
Just get something cool that will impress all the people who see it . . .
