My sister and I make quilts for our kids and nieces and nephews weddings. We also make baby quilts for members of our family who are having babies. We decided with, oh, about the second quilt we made that once they leave us, they belong to someone else. Sometimes we don't want to know what has happened to the quilts we've made, but other times we can see how much they have meant to the recipients (several have been hung on quilt racks to be displayed for others to see...).
I recently helped my mother make a Crown Royal quilt for my nephew. When it was all said and done, it cost close to $500 (the fabric was expensive and we had it custom quilted). I have a suspicion that this quilt will not be taken care of very well. I told my mom that she should share with him what the quilt cost, and maybe it would make a difference on how it was cared for. She wouldn't go for that because she has always believed that you shouldn't tell others how much their gift cost. So, we are back to adopting my sister's philosophy of "once the quilts leave us, they belong to someone else"...
My mom and I enjoyed the process and we both learned a great deal from doing this pattern. It truly was a labor of love.
My advice? Fix it if you feel like it, forget it if you don't. I do, however, feel that an awareness of the cost of producing a quilt would be helpful to the recipients level of respect and appreciation! I am not meaning that we should tell each person how much their quilt cost, but at some point there could be a general conversation about the subject.
Another thought--I suppose we as quilters expect others to love quilts the way we do. I suppose there are those people who only think of them as utilitarian objects and not works of art or labors of love. So, the value of the quilt lies with the new owner once it is given, and unfortunately isn't always transferred from the quilter.