You're not missing anything. They are overpriced, and the quality isn't anywhere near what they used to be. Moleskins are trendy, that is all. That being said,

You're not missing anything. They are overpriced, and the quality isn't anywhere near what they used to be. Moleskins are trendy, that is all. That being said, to an extent the suitability of the paper you are using depends largely on what you are using to write with. So, in spite of the fact that they are overpriced and the paper feels cheap, they still might be one of the best options depending on what kind of pen you use. Personally, I write with a wide variety of vintage and modern fountain pens, and Moleskins just don't seem premium enough to warrant the expense.