It would be $2,199 for the highest end CPU and the 64GB of memory but I think you're point remains: the Studio is not a great buy until it receives the M4 upgrades.
But it was a great buy for the customers who needed it when it was released. I presided over IT at an architecture firm that bought a bunch of Studios when they were new. Just because it's no longer a good buy two and a half years later, when compared to the thing that ships next week, doesn't mean it wasn't a great machine.