I had a Sterling AX40D for a while. Despite the wannabe Floyd Rose style bridge, it felt, played and sounded like a $2K Axis, which I've also owned. Excellent fretwork, same DiMarzio "Axis" pickups, very well balanced overall and incredibly toneful. If it wasn't just a tad small for my 6'4" frame and larger hands, it would've been a keeper and I would never have lusted again for the more expensive Axis. That said, I've seen some Sterlings that weren't nearly as nice as that one in terms of sound and playability, but all have been at least "good" or better.
I agree that MusicMan commands an unusual premium, despite really "meh" looking designs for the most part. But people are willing to pay for the name and the uniqueness. It's an elite "club" of sorts, similar to what PRS and maybe even Parker guitars were in the '90s. Plus, the quality certainly is excellent, easily comparable to anything from PRS.
Is a top-of-the-line Ibanez a better value than an EBMM? Depends.
I'm a long-time Ibanez fan, but their designs and finishes are not that spectacular or even original at this point. I would argue that there are plenty of guitars at $1200 or less that could compete with most of the boutique stuff in terms of fit, finish, and features, regardless if we're talking EBMM or Ibanez. It's only when you get into really specific, feature-laden models, like the John Petrucci stuff, that it's hard to duplicate elsewhere for less money.