I'm sure that I agree with this statement 100%. Since LP is not an authorized dealer for the equipment they sell, then where do they get it ? Gray market, as you point out. The reputation of the sources are unknown, as is possibly the quality, or even authenticity, of the product.
So, where does it come from, if not directly from the Mfg ? Is it close out stock from some defunct shop ... is it refurbished equipment ... who refurbished it ... is it some Asian counterfeit ... who the heck knows ? So, the argument that "a Zeagle is a Zeagle" may not actually be valid.
This may not matter much if you're buying a gear bag or a dive knife. But I personally would never buy a regulator or BCD from LP. Even if I could be convinced that the equipment is authentic and of first quality, then for no other reason for warranty and service. For example, if you have a problem with say an LP purchased regulator, then you'd have to send back to them. You're completely at their mercy now. Would they be able to fix it themselves ... could they get the necessary parts ... would they need to swap it out a replacement item .... would they have a replacement item in stock to give you ... when could they get one ? A similar argument goes for the annual service of a regulator.
With a new exceptions, you can find authorized online dealers for many brands. Many will meet or beat LP prices. SCUBAToys and SCUBA.com are a couple of examples. Why would anyone even consider assuming this risk when there's if there is no price advantage ?