I cant pick any one element!
Its a mix of the history behind it, the whole shaving experience from stropping to lathering to the shave itself, its shaving with a razor that you honed yourself, its the fact that I'm not paying Gillette a Kings ransom to get a sub par shave, its the fact that these shaves are the best I've ever had and the fact that I'm shaving with a work of art not a plastic piece of junk.
And thats just off the top of my head..! :)