I can't speak to the quality of the products, but I have absolutely NO desire to try or purchase Urban Decay. I hear wonderful things about them, but I just can't imagine shilling out that much money for products whose names include drug references, sexual themes, etc. It is just off-putting and immature to me. Case-in-point: a girl I went to high school with, whom was one of the most obnoxious air-head types imaginable (and it takes a lot for me to say something like that about someone, seriously), wouldn't stop giggling about her eyeshadow that was named "Kush".
I also don't see the point in buying expensive cosmetics just for the brand name when there are products with equal or better quality and a cheaper price. I guess it's just the attitude: "I can afford it, so I don't care." Same kind of thing with designer clothes. I saw a $90 Michael Kors tanktop that was (I kid you not) a plain cotton ribbed tank top in the same manner that Joe Boxer sells in plastic three-packs for $5. Was the Michael Kors one made with cotton from outerspace or something? Sorry for the mini-rant, I just can't wrap my head around it.
I think they're just trying to set themselves apart from other higher-end brands by being edgy and appealing to a certain demographic... It's really all about marketing, as far as naming products go... However, their shadows are great quality and they often offer unique shades... I'm sure there are immature people who can't get over the names of their products, but I think the aim of Urban Decay's names, packaging, etc. are to catch people's eye... As far as price goes, there are many brands within that price range that may or may not be worth the price... I guess it just comes down to whether or not the brand lives up to its reputation for quality products
That being said, I believe there are some products that may be worth the extra cost, but I also think that there are many less expensive brands that offer great products for a fraction of the cost... I prefer to find out which inexpensive products are worthwhile, and save for those few high end products that are exceptionally well-reviewed (plus, stores like Sephora offer money-back guarantees, while drugstores do not offer refunds for products you're not happy with)