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@hugo7
For most people it's all a balance.
My daily ride is a Condor pista. The RRP of building it new would be well over a grand, so I guess it would fall into the expensive bike category for a lot of people, but not for others.
Every time I ride it, it puts a smile on my face. Altho I have plans to change bits and bobs, it's remained pretty much the same for two years... imo I think it's pretty much my perfect london fixed bike. Point being for me it's worth it and definitively not doing it an injustice.
A kerin frame with risers?... not really my thing and definitely not something I'd use as a daily ride. But if you do then it is.
So basically it's up to you.
The only thing I would say is that some bikes/frames may not be as suitable as others. Lugging two d-locks riding on marathon's and stopping every five seconds for lights isn't going to give you as much enjoyment on you "nice" bike, as if you saved it as your nice bike.
There's also something satisfying about a bike you like, but know you won't cry over.