I agree that it is ridiculous to spend real money for game items. Alas, I was sooo adicted to EQ at one time that I spent $500 on items ranging from the Lammy & Wurmy to the Fungi Tunic. I had a plan and thank God it sort of worked out. I bought the items to help me get to a certain level. Once I reached the mid 30s (36 to be exact). I got bored and began the process of leaving EQ. What I did was to sell off the items I bought from playerauctions and a few other items. In the end I made around $700 or perhaps $900 as $900 rings a bell when I think back to then. This was years ago, but it was cool that I managed to basically rent some items then get my money back and then some when I was done using them.
Grant it, I still agree that this is lunacy, but then again, the adiciton to power, be it real or fantasy is a powerful force to some.