To answer the thread question I would have to say yes, I agree.
I have stayed at a $3,000/night accommodations and been very disappointed and I've stayed at $400/night accomodations and been absolutely blown away - as my expectations are alot less at this price point.
As you go higher up in price point it is usually - at least for me - the soft product which tends to disappoint.
Although my expectations these days are much more waned compared to when I first started staying at what I call a luxury hotel. These days I know and kind of expect some degree of mistake/lapse to occur so it's more the service recovery I look out for.