Eh there are certainly places for that mentality, but I prefer working with engineers and in places that do the opposite. Sure you can use the finest wood on the back, and polish the underside beautifully, but your beautiful chest is probably either never going to be bought or ripped apart and the wood reused for a chair. A lot of times, the fancy back of the chest is a complete and utter waste of time and effort.
Good engineers have to know when they're building a beautiful chest for public display for 20 years, and when their customer doesn't even know if they want a chest yet. It's a matter of context and being aware enough of the business circumstances to make the right decision.