I personally love Waygu/Kobe beef and always make a special occasion of it when cooking/smoking some. At that price I'd buy a truckload!
It is WELL worth the money but really needs to be served with something that compliments it well. I've tried having it with a spud and some beans and it just ruined the experience (and at that price its not what you want)
I also had the chance last year to sample Kobe and Waygu at the same sitting in a Hong Kong restaurant. There IS a difference, mainly in the texture I found. But I would imagine the Waygu would go down better at a competition, purely because its ever so slightly more robust.
I'll be grilling some in a couple of weeks, and will be sure to put up pictures for anyone interested. Its around £52 ($76) a lb in the UK at the moment so only get it once every month or so, its just too expensive otherwise!