I hear you, it's hard to justify having all that money held up in guitars. I probably attach too much emotional value to my guitars though, and I couldn't really imagine getting rid of any of them, not because of their values or even their sounds, but because of all the emotions tied up into them.
Your friends' guitars look absolutely awesome (even if I'm a little unsure of the purpose of that bevel in the cutaway?). I've never played a cedar top. Any other tone woods you would compare it to?
The Uchida-style cutaway allows for an easier access to the higher frets without sacrificing the tonal space that is taken away for most cutaway guitars.
Cedar just sounds better to me than anything, but it's really dependent on your style of playing, I think. I have big hands, fat fingers, and play with a purple tortex, so I do get a lot of good sound from cedar top guitars. Of course, Isaac tells me that I'd be just as happy with an Englemann Spruce/Cocobolo OM model.
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