I travel sometimes for a month or more at a time, so sometimes stay more expensive hotels/resorts for half of the time, and then balance that by staying at four star properties (which are still quite nice as I choose carefully). I find that doing that on long trips does not feel like much of a compromise, as I still have a lot of time at very nice hotels.
Re "megabucks" - I have never spent what I would consider megabucks, which would be upwards of $5k/night or so. I will some day when I have the budget and know that a certain villa or suite will be worth it for me.