I still think it's a matter of production scale as much as anything. The 40 series is a big box (far more costly to supply in the inevitable more limited quantities - I suspect but admittedly with no proof). the midrange unit sits in its own sealed enclosure and I wonder if Harbeth don't make and fit this part themselves? Again guesswork, but I bet those bass drivers aren't made by the thousand even if the cones themselves are? I doubt we'll ever know exactly how many 40.3's are made each year, but my *guess* would be hundreds rather than thousands. The claim is that many man-hours are needed to build and test each pair, I can vouch for the economic but clumsy packaging used to box them up (I helped to pack a pair of 40.2's last year) and I gather they (used to be) delivered on a pallet if my memory is correct. As with top model cars, the profits on these must be the highest percentage of all and do remember how many of their passive domestic competitors are/were far eastern made at much lower labour rates (?)...
Having tried to defend the 40.3, I've commented here and elsewhere how close they are to the ATC 100ASL Classic, this latter with solid durable amp packs and stands I think. Harbeth are a family business now if the list of directors is anything to go by, I suspect the tech staff now there like to be paid well for their undoubted skills and although AS is most definitely the figurehead and guiding light still, I suspect he must be realising his increasing age and the fact that if the brand continues into future decades, it must move forward with a view that he may not always be there (much as I love ATC, I suspect it's now a smaller concern and I was told recently that BW's son is a lawyer by trade, not an electronics or acoustics disciplined chap as Tim and Billy were...).
I've said all along that I'm no marketing chap and had I started my own retail business as was considered seriously twenty years ago, I'd have failed miserably and probably taken my family with me. AS is great at marketing his brand. The new higher pricing (already discussed as truthfully as I can be) is attracting a different tier of audiophile to the brand, one where (higher, status enhancing) price is important and it's these largely tech-ignorant people that the HUG tries to assist. Yes, many of them use valve gear and I have to say that
@Willem and I among others, have been 'edited' or PM'd regarding going too far in criticising some of these amps on the HUG, as all it does is turn these gear enthusiasts away, rather than educating them. If they love a dire-measuring and technically inappropriate as regards output characteristics PrimaLuna amp into the rollercoaster Harbeth impedance loading, then my suggestion is to use that combo while learning what that amp is doing. My continued suggestions to start with something like a Quad Artera Stereo power amp (based on the eternally durable 606 original) are almost totally ignored while they agonise over and defend to the death their Pass 25WPC or similar confection...
@ThoFi, all I can do is suggest you (and I) keep an open mind without hostility to this brand. The products may be 'old school' these days, but there's more modern thinking going on there now, the market for them is established and it'll be interesting to see what they come up with in the next few years - AS is VERY well aware he can't stay with this range forever and that in current form, it's gone about as far as it can without radical re-design. I doubt that any new models will give Neumann or Genelec any headaches, but they may get Dynaudio to look over their shoulders, as this brand is moving some quite serious and good looking (conventional with grilles on) DSP-Dirac/wireless capable actives into the domestic arena and at not stupid prices either when taking dealer margins into account, the £8600pr model falling easily into the SHL5+XD plus half decent posh-amp price category.
Interesting times in cash-strapped Europe methinks, where most of us are stung with ever higher fuel and energy bills, yet the Paris show goes ahead, well attended (by what we call tyre kickers?) and full of expensive bling-boxes and lavish displays. Apologies to US based readers, as I don't know how the stuff above compares - you have speakers available we've barely heard of and I weep when I see how much dearer US imports of our gear is and how much the likes of Schiit has gone up in recent times, assuming it's in stock of course

..
P.S. I wonder how much the PMC 'Fact' models actually cost to make, let alone the 20-25 range. They don't seem to perform that well either, although the sins are of omission (deep crossover region suckouts followed by a tinsel peak further up) rather than upper midrange edginess.