There are a LOT of studios that have a lot of gear in their gear list just to attract custys. Often times there will be gear on a list that is only partly functional, if at all (I've known some pretty big studios that have had marquee gear on their list that hasn't worked in years). More often than that it may be perfectly functional, but hardly ever used except for special requst by the client, because the engineer you get has his/her own beaten path playbook and gear list that they prefer, and 90% of the stuff on the studio list is not included in that playbook.
That said, usually those studios with plenty of bells and whistles gear get to keep that gear because their engineers have a good client rapport and do a good engineering job.
What those of us on the project studio and indie levels need to consider is this: for us, "gear list gear" only works once if we don't provide a product and service that the client feels is worth it. It may get them in the door the first time, but they'll leave early and won't come back if they don't like us personally or our level of service professionlly. And such a result winds up as bad rep.
So, when looked at that way, the eye candy is indeed helpful if we are good at what we do. If we're not so good at it, the money is probably better spent elsewhere. At less than $50/hr, it'll take a looong time to pay off that Manley if you can't keep your rep.
G.