Alright let's address a few things here
1. It's not ugly, far from gaudy (most of Allsaints' leathers), and frankly, could be a lot worse
2. Not everyone has 5k to blow on an SL jacket. I think you should put yourself in the perspective of other consumers and consider that for $400, it's not that bad. Speaking from a strictly economics-based perspective, he's happy with the jacket and believes he gained his utility's worth from his purchase.
3. Let's make it clear that I'm not saying this jacket necessarily belongs with the thread title. Personally, I wouldn't have bought the jacket, but I can see why others would. Sure, you can save a little bit more and go for a used TOJ, but those are hard to come by in the style one may want and the size that one may want. He could probably try a Schott leather, but I'm pretty sure they don't fit slim (?) and their design is a little bit more traditional.