I gave away my dad's Craftsman shop-vac from the 70's when I got what I thought was a top-of-the-line stainless shop vac. That thing was a beast and I still regret it to this day...
Of course the new "peak" HP ratings are bullsh*t. They measure the motors' locked-rotor inrush current (starting) rather than any actual work being done. The 11.8 amp measurement is probably the full-load amperage, which is a more accurate measure of peak power input under full torque (the heaviest possible usage).
I'm not familiar with the UL 10 amp maximum for 18 awg you mentioned, but are you sure that's not for cord sets (extension cords) and separate supply cords (printer, kettle, stereo, etc). In general, the ampacity of a cord is a function of the ambient temperature, the cord and conductor insulation temperature rating (i.e. 60/75/90/105°C), the ability of the conductors to dissipate heat,
and the wire gauge.
Those generic "UL" cords may used for any number of unknown devices and are 'over'-designed with that in mind. In contrast, the cord built into your shop vac may benefit from specific thermal protection in the power supply design. The attached cord can be lab-tested and sized accordingly.
In any event, 11.8 amps may be the shop vac motor's full-load amperage, but I suspect the actual average current would be closer to 8 amps or less. I'm no where near my shop so I can't test this, but maybe someone can put a clamp meter on line splitter and measure the current of their shop vac in "idle" vs under a heavy load?
On shop vacs in general though, whether yours was $40 or $400, in my experience it's your ability to keep the filter clean that will determine the performance.
I picked up a Stihl SE62 a couple months ago for about $175 - less than my overweight Wizz-Bang-Ultra-Mega-Pro-Stainless flop vac! It's got a great filter cleaning feature that you rarely find on anything under $500, let alone for under $200. It's not as good as the fancy vibrating filters, but for the price it's by far my favourite. It's also made in Hungary rather than China. If you've ever used a Miele house vacuum it's basically the shop vac equivalent. The vacuum is not super heavy duty, but it's light enough that you don't need to kick it around either!
Regarding planned obsolescence, if you ever take apart your wheezing shop vac, you'll find a crappy brass bushing in the top of the motor assembly that's the same on the cheapest to most expensive models. You can re-oil the felt but it's only a temporary fix and a PITA to get to.
My solution is to use the crappiest little on-sale shop vac with the best filter bags I can find for the nasty stuff (drywall compound, grinding concrete). That way I always have one with a bag and don't even have to worry about swapping back and forth.