There is a rational middle ground of high quality at reasonable prices that Leatherman once had, and which Victorinox still has.
When I bought my Swiss Tool MXBS 2 years ago, it was $230. That's the same price the ARC is now, and my ARC is better than the MXBS in every way. In fact, most of my modern Leathermans are built better than the MXBS.The culture surrounding different multitools is very interesting. Victorinox fans didn't complain about $230 when the MXBS came out... there may have been some complaints, but I didn't see any. Now Leatherman releases a multitool for the same price with more premium steel, and you can't swing a dead cat without hitting a Leatherman fan complaining about the price. I think in general, Leatherman fans like criticizing Leatherman as much as they like their tools.