You could be right and on some level I agree with you about the guitar end of it.
They have Satriani and the JSX now in addition to the XXX and are continuing the 5150 in the 6505. The Classic series is a rock solid amp line; perhaps the best kept secret in the industry. The Bandit is a monster for what it is.
Even with Ed, Peavy guitars suffered from the misunderstanding (IMO) that they are only beginner quality guitars. I frequently see references made to, "No way am I going to pay over $1k for a Peavey." That implies that they are only capable of making base model, beginner quality guitars.
EVH and the Wolfgang went a long way towards dispelling this idea but it still lingers. I agree that a big named guitar face would help continue what Ed started with PV. The Steve Cropper model is a good guitar but kids don't know who Steve Cropper is and for a Tele, the Croppper Classic just isn't "classic" enough or rock enough to be successful on a wide scale. They had good products prior to Ed in the guitar dept. The T-60 isn't my cup of tea but it is a good product. The Vandenburg was a good product. Currently, the HP seems like a good offering but I'm not sure it's selling very well for reasons you've already discussed.
EBMM has set itself apart from the likes of PV from the standpoint that they only offer High end or at least middle level workhorse but professional quality guitars. They have the OLP thing going but can easily put distance between themselves and OLP since they've only licensed their designs to OLP. Thus, folks only associate EBMM with high quality and not some high quality and some beginner quality gear.
There's no question in my mind that EBMM has "it" going on. Good stuff. I just find it interesting how each company has an aura as perceived by the public. Some of it is the responsibility of the company yet some of it just takes on a life of its own and nothing a company does can really change how they are percieved.
Ed being with PV even changed people's perceptions of Ed. That wouldn't have been the case if he'd gone with Marshall and stayed with EBMM.
We guitar players are a fickle, funny bunch.
