I've been pondering a similar thing . .
It's hard to see for example, how with the quality issues of late in particular, how a tracer is worth about 700 quid more than a giant reign x 2010 which is about the same weight, has superb suspension qualities, is well built and stiff too!
I know it's somewhat missing the point of a handbuilt frame but based purely on functionality I think it's hard to argue with the big names like Giant (especially as the entry level full bike reign x uses the same frame as the frame only option!)