Interesting topic and discussion. Being that I have worked first hand with P1, I thought I'd share my thoughts.
Priority One, Stringing & Customizing, and The Hall Of Fame
40K a year is actually very little when one actually sees what is provided for players at tournaments. Take for example, Federer. He may give P1 5 or 6 frames to string for practice, then another 5 or 6 for the match later that day. At $25 per re-string, that's about $250 a day. Multiply that times 10 (if he makes the final), and that's over $2,500 for a tournament. If Fed plays all 4 majors, and then 8 masters, that's over $30,000 alone just for re-stringing his frames.
Now, there is the customizing of each and every one of his frames to exact specifications, which could be well over 40 frames a year. Additionally, over 40 frames a year which have custom molded handles.
Additionally, Federer doesn't have to worry about his equipment. P1 carries a lot of his equipment for him (racquets, strings, grips, overgrips, etc).
Add to that the fact that all his frames are being strung by the same guy, with the same machine, and he has a personal racquet technician traveling with him throughout the year.
In my opinion, it's peanuts, and I just barely gave you guys a glimpse of what is done for their Gold clients. Some of these players give them up to 20 frames a day to string.
Just food for thought.