Yeah. Up until the 70's the only difference between a "professional" model or a "Student" Model were the # of lugs. This was due to the fact that the metal parts of the drum were the most expensive to make: The more metal, the "higher" line it was. 10 lugs= Professional, 8 lugs= midrange, 6 lugs= student. When the prices of wood started to spike in the 70's (and became harder to get) and the cost of machining/casting fell, companies started to use cheaper woods for their entry lines (luan/basswood vs Maple/Mahogany) and kept the same number of lugs on a drum so they didn't have to change out jigs for drilling.

Disagree about 8 lugs being considered 'mid-range". The Super Classic and Jazz Festival snares, for instance, both had 8 lugs and were every bit professional drums. In fact many players preferred 8 lugs over 10 lugs on wooden shells for similar reasons that some prefer standard triple flanged hoops over cast hoops.