Best value out there? No. Overpriced? Not really.
They build quality products and they stand behind them. If that works for you and you aren't incurring debt to obtain them, then by all means.
Case in point. I had a NF gore-tex ski jacket in college that was given to me as a gift. After about 5 years of use, it lost most of it's waterproofing qualities. I brought it in to a NF store, they sent it in and a week later called to tell me to come back into the store and pick out any similar jacket I liked.
Don't know if they have changed that policy, but that was pretty impressive.