I used to work for Compaq. Then I worked for HP, who kept me on for another 5 years, after the merger completed, until I left to go to university.
I think the main point I want to make is that there's a world of difference between Consumer PCs, such as those being mentioned in this thread, and Enterprise hardware, which was my area. Enterprise is where the margins are: not just in the hardware, but in Services, and Compaq's Service organisation (formerly DEC) was one of the primary assets behind the merger.
In the consumer world, Compaq is now HP's budget brand, like Squier to Fender (guitars) or Skoda to Volkswagen (cars). They are built to a price, in a market where being $10 more expensive will cost them a sale. So, if you want premium parts ... buy the parts, and build the PC!
