Generally I've found avoiding the bottom 10% gives you the most bang for your buck.
Bang for buck optimizing is only worth it for certain cost/income combos. In other words: the value of money varies for each individual.
Walking the 1/2 mile up princess street from hotel to the office in them caused so much pain after 2 days I had to go out and buy some trainers.
Never had that with Loakes - I d agree that paying 2k plus for hand fitted shoes like the city boys wear is probably over kill.
My criteria for shoes (except for sports) is:
1. I must be able to put them on/off in 3s, without bending. Which implies no laces (or pre-tied knots)
2. reasonably comfortable
3. light
4. cheap
Most shoes last for years, even cheap ones. I still put them in thr cellar after 2-3 years.
Those shoes would be good as my only shoes in a Mad Max world. Mmmm ... not even, I would prefer trekking shoes.
Its worth paying £170 for the comfort alone