I was one merit badge away from Eagle Scout, but I deliberatley didn't finish. This was the late 80's. I saw so many kids in my troop, older guys who were ... less than exemplary, become Eagle Scouts. I felt it cheapened the honor, so I declined.
I regret it sometimes, but on the other hand I've never been asked or seen anyone mention an Eagle Scout since. I guess by then it had already lost its meaning.