Is WotC charging too much for their books?
Not too much for me. I can afford the ones I want. I feel bad for the kids who can't afford them, but I can't speak directly for them.
I like big books. I like small books too. I was a big fan of
Sword and Fist and that whole series. I think I would like it if WotC had options. Some big full-colour options, and some smaller, black-and-white options.
Are the production values too high?
I don't think they're high enough. Or rather, I think WotC is spending money in the wrong areas. There are things in the books that make me cringe. Like the fake bamboo borders. I wouldn't mind them so much, but throughout the books they're all out of place, and they end abruptly. They look like they're designed for a computer filing system, and then awkwardly cut and pasted into physical books.
Is color necessary on every page or in every piece of art?
No. I love colour illustrations, but there are lots of examples of good black and white artwork throughout the history of D&D. I'd still like to have the occasional book, like the Draconomicon, with a full colour illustration on every page, but I'd expect to pay more for those.
Is hardcover good bad or indifferent?
Hardcover is good, but not the final determiner.
When you buy a book from WotC do you feel like your money was well spent?
Yes. I consider my money earned if I can sit down and enjoy the book for an evening. If I can use it for hours of gaming fun, I consider that a bonus. Again, that's just me, because I can afford the books. And I'm not a rich guy. I am a single adult male with semi-regular employment.
I guess I might be asking if I am cheap. Because my answers are Yes, yes, Yes because I consider good editing more important than glossy pages, no, Good for core later books I am Indifferent, and not really (if I'm paying retail).
Well, you didn't ask about good editing. I should hope that the editing budget doesn't cut into the layout, artwork, and design budget. If it has to be only one thing, I'd pick editing. If it will cost more for the book to have both good content and good looks, then I will pay that cost.