While I did not think I want the latest M4 iPad Pro (for reasons described here, but mainly down to iPadOS), I thought the earlier iPads Pro might be of compelling value if the prices drop far enough. I checked the catalogues of some used iPad resellers, and they could be had for as little as half the price of new ones. (One sealed-in-the-box 1TB, cellular, M1 iPad Pro 11" was on offer for US$950.)
That really changes the purchase decision-making. I guess it might make sense for some people who want to purchase a new iPad Air (or even iPad Pro), to consider an older iPad Pro instead. In my case, I will certainly consider older iPads Pro when it is time to upgrade my 2018 iPad Pro. Rather than spending $3,000 on a fully-kitted out latest iPad Pro, I could have a fully kitted model from two generations ago at less than half the price. This is probably the same price level as the original 2010 iPad (and lower when inflation is factored in), which was very good value indeed. The M-series Apple Silicon has aged well so far, so obsolescence is probably not a great concern (especially at half the price).