Can I differ? Sometimes the look and feel of something very well made can make it worth the extra money. I'm totally tactile-y based in my purchases and the hand feel of a premium item can make all the difference in me wearing it. (Maybe not $400 worth of difference...)
But... if this piece will *become* a signature workhorse piece - and I don't know if it will, but I have known women in NYC who could definitely rock a piece like this to death, layering it over and under, wearing with jeans, over dresses, etc. - then I'd say the pleasure of a luxe item *might* be worth it. I can see this being a piece you hand down to daughters, nieces, lend out... But it's only worth the money if you will either actually wear it to death, or if it gives you a glow to wear it on those special occasions when you pull it out. I have items like that - the ones I can't wait to wear. I may not wear them a lot, but when I do, man, they are worth every dime.