I'd say that cognitive biases in general, not just the placebo effect (which, if memory serves, cannot actually be argued to apply here), are rampant in CE in general. And that advertisers and marketers have figured out exactly how to tap into them. And of course, once you've done that, your converts customers will violently defend your reputation and status to anyone who is foolish or gutsy enough to question whatever wild and fantastic claims you've made. In recent years, as a result of changing economic paradigms, this has trickled down from the domain of purely "high end" to more or less every day shopping experiences - you've got Wal-Mart and Best Buy hawking hundred or thousand dollar cables with cheap TVs or speakers, simply because it means they can actually turn a profit if they make the sale. It's a scam.
While in the domain of "high end" I think it's somewhere between well-meaning mistake, and malevolent overpricing. In other words, I have to question if some of the "high end" types actually believe in what they're selling, and aren't just trying to turn a huge profit. I'm not saying all of them are one way or another, but I'm sure at least some of them legitimately believe in what they're doing (usually these are the ones who do measurements and who talk about those measurements, but then take some fantastic leap to why whatever thing they've invented is also still good). I don't know, I'd at least like to believe this is the case (an example would be Woo Audio - I've never owned any of their products, but I think they legitimately believe the more expensive tubes, caps, parts, etc make their products better, I don't think it's a gouge so they can actually turn a profit (as opposed to the guy at Best Buy selling you a $400 TV, $30 DVD player, and $350 cable to hook them together)).
And I put "high end" in quotes because I don't think it's really a quantified thing. It's not meant as a dig.