Randalls are generally well made, with good components, and good leather with them.
You're getting a knife that can be used, and passed on to the next generation. That said, they are expensive for what they are.
Some of the designs are pretty dated, IMHO, and a number of the knives are really oversized for actual use and carry. Retail prices are well-over what the materials cost, and there's other makers that can offer the same quality for less. A Randall is iconic to some, and that will continue to keep the market prices higher than reality. The wait is a plus for them, very few people will order that for out for anything. So, instant gratification equals higher prices.
I have a Model 5 that is a user, carried every hunting season, and has taken care of two elk and several deer. It's a 6-inch blade, leather handle with finger grooves, and a waxed sheath. The edge holds well. But it's a softer steel that sharpens fairly easily. I've dinged the edge bad on a rock, Randall re-ground the blade for me and fixed it right.
I think it's a good knife but I wouldn't have paid full retail, or waited five years for it. From what I know, the dealer wait is closer to 6-9 months. If you order through one of the Randall retailers, you'll see the knife within a year. If you order as an individual, you'll get the full wait.
I know my Randall knives will out last me, and that makes the investment more tolerable. YMMV