5:16 p.m. on January 21, 2003 (EST)
Ed makes an excellent point that is often overlooked, despite being repeated here in this and previous threads many times. Ratings are relative. There is *no* industry standard for determining ratings, despite efforts over many years by the industry to reach a consensus on testing methods. Even if there were a standard testing method, individual factors can cause the comfort felt by a single individual in the same bag to vary dramatically from night to night, even if the nights are identical by objective measurements by calibrated instruments. And different individuals will have drastically different perceptions of the comfort level. Ed might have felt cold at 25F on the same night that I would have had to keep the bag wide open for overheating, or the other way around. I tend to be a fairly warm sleeper, whereas my wife tends to be a cold sleeper (there is some evidence in the literature that women on the average are colder sleepers than men, although there is a wide range in both).
A few factors that affect how warm a bag feels - how fatigued you are, how recently and what you ate, how well hydrated or dehydrated you are, what you are wearing (clean dry thermal underwear, soggy wet clothes, etc), your state of health, your state of fitness, and other personal factors. Some environmental factors (beyond just temperature) - local microclimate, your sleeping pad (air mattresses tend to be cold, hammocks tend to be very cold, closed cell foam pads tend to be warm for a given thickness, etc), in a tent or not (also ventilation of tent), wind/breeze, and more. Plus the obvious factors of humidity and how dirty and wet your bag is (a just-laundered bag will have a lot of its original loft, hence warmth, restored, where the same bag at the end of a thousand mile through-hike will lose a lot of its original insulating capacity).
As I mentioned, there is no standard rating method for sleeping bag warmth. Some manufacturers use the old Army tables for thickness of insulation. Unfortunately, thickness by itself does not guarantee warmth, since you need to know whether the bag is used on a cot (canvas army cots provide no insulation underneath while providing lots of convective airflow), on a pad, directly on the ground, or what. You also need to know how the Army tables were obtained (I won't go into that here, since there is a lot of political baggage involved with the original testing). Some manufacturers conduct their own tests using either instrumented dummies or live humans, some in walk-in icebox-like units, some in the field, some involving a tent, some in the open. Some assume a certain amount of clothing that increases as the bag is rated to lower temperatures (after all, you wouldn't use expedition longies to sleep in a summer bag, but you might use a couple layers of expd longs for an arctic expedition), others (Stephenson's notably) assume you sleep with nothing on at all (that is what he preaches on his website, if you haven't read it). And unfortunately, very few manufacturers state how their bag rating was carried out. By reading sites like Trailspace, Mountain Community, and others, you can quickly figure out which companies are optimistic and which are conservative.
And sorry, no, steve, you do not always get what you pay for. There are some very expensive bags that are very optimistically rated and some inexpensive bags with very conservative ratings. And there are places and times when you can get an excellent price on a bag (I got my TNF Bigfoot for $99 from a TNF store, when they advertised it as a lead item on a sale - the store had a total of 6 in stock and I got the last one, despite being the first person through the door when they opened).