At the risk of sounding completely inane, what is the deal with the Paris Etching Society? It seems most everyone in the art sections has a question on it. Is it rare? Collectible? Interesting? Should I know about it?

Plus since everyone seems to be an expert on this, I can trust that my question is answered :D

One of the best resources that I have found concerning PES is from Google answers, located HERE.
The response from scriptor-ga is very insightful.

Basically PES was set up by Sidney Z. Lucas, hence the SZL mark. He owned a printshop in New York in the years 1940 to 1960 where He
Produced a large number of prints after old etchings.
Generally, prints by Mr. Lucas seem not to reach very high prices.
At the end of the day they look nice, but that's about it.
Most of what is talked about them is from people "boiler rooming" the price on the supposed French history.

I hope this helps.

Paris Etching Society prints... urban legend meets the art world, LOL. Fortunately appraisals and actual values are not susceptible to such things but try telling that to some of the print owners... mon dieu!