I'm late to this party but I'll just throw my 2 cents in nonetheless.
I personally have little to no interest in "exclusive" dealer offerings but I am interested in Sprint "reissues" by the company of discontinued models that I do not currently own but would like to have even in a Sprint version -- the Slysz Bowie is an example of that.
In any event, I think that dealer "exclusives" are a win-win-win for the company, dealer and public.
As I understand it, the dealer who contracts for an "exclusive" has to pay up front for the cost of production and the wholesale margin. So, the immediate benefit to the company is that it can produce the "exclusive" with a built in profit w/o any market risk; that risk is entirely on the dealer.
I also assume the company has a lot to say about what the dealer wants to produce. So, it is a collaborative effort that strengthens the company's relationship w/the dealer and provides a way for the company to build a knife that it may have wanted to produce but did not think it was economically feasible otherwise.
The production of dealer "exclusives" also benefits the company in further promoting its products and expanding interest and demand for its brand.
The benefit to the dealer is that, if the knife is properly designed, increases consumer interest/traffic on their website which, even if it does not result in the sale of the "exclusive" may result in the sale of other products now or later.
And, of course, the more of the "exclusive" that they can sell, the more they make and the more successfull they are in selling "exclusives," the more likely the company will be willing to contract w/them to sell others which will further increase their profits and the reputation of the dealer as the seller of premium Spyderco products.
The benefit to the public is that they have the opportunity to buy knife variations that the company might never have otherwise produced and sold. The limited supply also drives demand for current and future exclusives, which is of obvious benefit to the dealer.
If the "demand" is a result of "bot scalpers" (as suggested below) or entrepenurial flippers then, as suggested previously, a solution would be to limit the # of dealer exclusives that people can buy, just as Spyderco decided to limit the # of OpFocus purchases apparently due to similar abuse.
In any event, most people who are Spyder fans have more than sufficient advance notice on this and other sites about pending "exclusives." So, there really are no excuses if you miss out, especially if you can place an advance order for one.
So, I don't think there are any losers in selling properly designed/marketed "exclusives."
On the other hand, there is a risk of "too much of a good thing." The company needs (as I believe it has) to be careful about not agreeing to produce too many "exclusives" that results in flooding the market and undermining their main product line.
That's a difficult tightrope to walk but I think the company has been doing a good job of it so far because demand for it's own products and exclusives does not have seemed to be diminished.