Gene - you're going pretty deep! Mike (original poster) specifically stated he's using data points. You bring up some excellent points - drop in value for recirculated pieces, the very fluid nature of the market, etc. Certainly you illustrate nicely the need to constantly keep this list updated, and to "take it with a grain of salt."
With that being said, I still don't get the high end here. Hari, I see where you argue artificial supply constraints of Romita Sr pages affects the price. I certainly can't argue that. Still, the fact is if you want a Romita Sr 2x page you're going to pay 40k+. Mike had it right the first time.
And I'll reiterate a question Burkey brought up a few threads back - how many Kirby FF panel pages are going for 40k+? CAF market data search reveals none. The August Doom-Thing page on Comiclink went below 30K; not sure about the December one. Yes, Colletta inks, but is 40K plus really the standard?
The one in the last HA auction went well over $50K. Although I'd rate that one A+.