Yup. They absolutely are implying that they are as good as SO. And that you're a sucker if you pay more for "the same" tool off the truck.
You seem to imply the differences are as vast as the prices. I've never seen an example of that that is data-driven, nor have the the Snap On tools I own ever made me say 'Now THIS is a massively better tool' than its Icon equivalent (mostly for me that's ratchets and my 3/8" torque wrench. I'll likely pick up SO's 9" copy of the LN47ACF they showed at SEMA and compare it to my LN46ACF pair). My Knipex Pliers Wrench is a better-made tool than its Icon brother, but I've never needed to put the Icon down and grab the Knipex to get something done. The differences are pretty subtle.
The two products I own that immediately convey a massive gap are my Malco locking pliers and my Koken extensions - the Malco because it is just over-built (in the best possible way) in every aspect possible and the Koken because the knurling and 'notched' base(s) are so much better than any ex.tension I've ever used that it's silly.
As a ratchet and socket *****, I used the SEMA discount to get a 3/8" Z-series ratchet and a set of Z-series sockets, which arrive Tuesday. I'll be very interested to see how they compare to my other sockets and sets.
I don't really attribute anything that is good about Icon to HF itself, other than they're selecting ODM partners that are delivering good tools and quality. The "Designed in California" bit they do on the Icon packaging makes me roll my eyes. If something I got there was ****, I'd have zero issues call it out.
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