I'm with you, dbk. I don't even agree that it is all that expensive. At 65% abv (2009) and at a price of 60 USD locally, if it was sold diluted to 46% abv...it should sell at 49 USD. That is about the same price as High West (another 6/7 year old.)
This logic says nothing though about preference. I love THH because it has an "older whiskey" nose, and a taste that doesn't betray that nose. Furthermore, it walks that line between something elegant while not letting you forget that you are drinking a rye.
Ultimatley though, I think that there are 2 variables that work against some peoples evaluation the most. First, its colleague GTS is a crazy good value. Second, it is often compared against the VWFRR13...an absolutely amazing value (one of the few whiskeys that I buy every bottle that I can find.)