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JimBGrading is done by human beings at all three of the reputable grading companies and opinions are involved. Sometimes technical numerical grades do not equate with eye appeal and because card monetary values have have so heavily been linked to those third party grade numbers in recent years, they have driven the market more than the actual cards and their visual appeal.
Apparently I am in a minority here, but I think PSA, SGC, and GAI are all relatively consistent (remembering that opinion and human error are always possible and do occasionally happen). I had a GAI E95 Wagner in a 4.5 that I thought was undergraded. I brought it back to GAI for review at a show and they held to their grade (none of the three ever admit a mistake in grading; cards have to be poppped out of their holders and resubmitted). I brought it to SGC at the same show and it crossed into a SCC 5 holder. This was an accurate grade. Does it mean SGC inflates grades or is easier than GAI? I don't think so. I have seen other instances where the opposite has happened and GAI gave the half grade bump. In each instance I think the bumps were 100% accurate. My opinion is that all three are roughly equivalent, the PSA cards definately return higher sell prices today. That may change and they may even out, but I think that is the case today, even on T cards and early E cards. I personally consider the grading of the three companies to be roughly equivalent and based on my own evaluation of a card consider them to be basically working on the same grading standards.
I wish PSA would start using half grades like the other two. Any opinions on that?
In general I also think third party grading has been good. I agree with Bill's comments above about the practices of dealers 10+ years ago. It has been particularly helpful for consistency in mail order and now the internet. Before a dealer would claim a card was nm and it often would arrive and be in ex condition. I do think that the prevalence of grading companies has helped to establish a standard by which we describe and lable grades.
To answer some of the second set of questions above, I am 37 years old, have been collecting since I was a kid, have been attending shows and collecting vintage material since about 1980 and my education includes an MA and PhD.
Jim