They're very elegant knives. 'Elegant' is not a word that's used around here much; descriptions often try to be more technical-sounding, for example. But I think it's a good word for them.
I've handled a few and owned a 240 kasumi gyuto and 210 Kanto-style usuba. I still have the usuba, and think it's probably my nicest-looking knife. I actually just finished/sharpened it tonight and thought of the e-word again. The gyuto was also very graceful, but lighter and thinner than I'd want. Because these look so good and are so nicely made, it felt like I wouldn't just want to use it, and I didn't buy it so that I could fondle or admire it. I got a good deal on it, but it still was a lot of money. Usuba are less on the 'beater' end of the knife spectrum and, like yanagiba for example, are more delicate, and so having and keeping the usuba has always seemed appropriate. I don't need other single-bevels, but for me 1-bevs are the way to go with shigs.
To sum up why people gush about them here:
-> They're kind of a 'brand' that not-absolutely-bonkers knife-oids can latch onto and pursue. To really know the best stuff will take a lot more effort, but you'll feel well-off if you've learned what Shigs are and been able to land 1 or more. They're exclusive and expensive and and having them is gratifying. You can display them in your kitchen and take lovely photos, too.
-> There's the allure of only several hundred per year of them being made by a family of one elderly father and his 2 sons working in a traditional knife area in northern Tohoku, Japan. (Their output is being reduced now, apparently.) There's an impression of integrity, tradition and good craftsmanship, even if what foreign buyers often go for - the gyuto - is not a traditional Japanese knife.
-> They're very aesthetic knives and probably the best-finished in Japan. They're pieces of art, I'd say. They're done with traditional techniques using natural stones and polishing methods, and so are 'warmer' than many other knives with a glossier synthetic look and finished with synthetic stones and polishes or acid-etches, or with machined-on unnatural lines..
-> Apart from the reactivity they have (not different for me compared to most my other carbon knives) they're certainly functionally very good knives. They work, of course.
-> Owning one, learning about them and learning how to care for them, is certainly a great gateway into learning more about knives and being able to become a competent knife maintainer. They make you feel good. They're nice to sharpen and you're basically obligated to try and maintain their elegant finish, which many owners seem to do. You won't match the finish level they come with, but their design kind of invites and encourages you to try.
Anyway, that's my take on it. Loads of other great knives out there, but Shigs often have a special charm for some.
For the money in this "genre" I'd take the Kato any day of the week. I found it a much better cutter and a much more controllable patina. But again, that's just my opinion.
No idea why Kato and Shigefusa are often talked about in the same vein, apart from perhaps one seller is know for stocking both - the occasional Shigs and the Kato Workhorse line (JNS). Marc, I know you know better, but my impression is these 2 names are often picked up by people who are newer to the KKF-type knife universe, and so the comparison happens. Very different knives, though. Not at all the same and not to be thought of as the same 'genre'.
Like Toyama Noborikoi? Easily as nice as a Shigefusa, but readily available and no reactivity issues. Can't believe it is not talked about more.
You've probably noticed that I'm one of the other fans of Toyama here. I wouldn't say they're as nice as Shigs. Very nice, sure, but not distinctive and elegant like Shigs.
If you were to offer me 1 free of either, say a 240 gyuto, I'd go for the Shig because it'd be worth more (and I'd sell it). However, if money were not a concern, I'd probably go with the Toyama because it just feels more like a knife I can use, because it'll cut as well, and because it maybe gets a better balance between art/function.