Here's my take on it. I don't think cost-no-object is a necessarily a good criterion by which we judge what's high-end or not, but it's equally foolish to believe that it is unrelated to cost. I also think when we see some system, most of us, by some unspoken consensus, know if it's high-end or not. It might sound great to the person, but it might not meet that general consensus.
Also, when I saw that there was finally a high-end forum at head-fi, I was excited because I thought it was going to be non-headphone related. Don't get me wrong, some headphones are excellent tranducers & I love them, but there has always been a forum for headphone systems in head-fi! I thought the express purpose of this high-end forum was for speaker-based system. I think headphones can definitely be a part of a high-end system, no doubt, but personally speaking, I can't see the headphone-only system without quality speakers as properly high-end. I have heard Stax, AKGs, Senns, Beyers, all of them, but still, no headphones can viscerally move 'air' like proper speakers can, approximating the experience of live music. Again, this isn't to say that they're not excellent tranducers; in many other ways, they perform better than loudspeakers. But I don't think I'm the only person who believes that a proper high-end system should fundamentally be loudspeakers-based. As I mentioned, there are topics regarding high-end headphone systems already in the headphones forum, so I don't see why this forum is yet another place for the same exact discussions. Kinda defeats the purpose of creating a new forum, if you ask me. My 2 cents.