I'd rather buy an old Martin. Collings are nice guitars but vintage vibe is where it's at.

On the financial end of it, an old Martin will continue to appreciate in value while most new guitars depreciate.

As far as today's guitars go, Gibson and Martin are probably making as good as guitars as ever. George Gruhn thinks so and that's good enough for me. Competition is much higher and reputations of brands could never have more at stake than they do now.