Duncan Pritchard (2008, 2009, 2010, forthcoming) has argued for an elegant solution to what have been called the value problems for knowledge at the forefront of recent literature on epistemic value. As Pritchard sees it, these problems dissolve once it is recognized that that it is understanding-why, not knowledge, that bears the distinctive epistemic value often (mistakenly) attributed to knowledge. A key element of Pritchard’s revisionist argument is the claim that understanding-why always involves what he calls strong cognitive achievement—viz., cognitive achievement that consists always in either (i) the overcoming of a significant obstacle or (ii) the exercise of a significant level of cognitive ability. After outlining Pritchard’s argument, we show (contra Pritchard) that understanding-why does not essentially involve strong cognitive achievement. Interestingly, in the cases in which understanding-why is distinctively valuable, it is (we argue) only because there is sufficiently rich objectual understanding in the background. If that’s right, then a plausible revisionist solution to the value problems must be sensitive to different kinds of understanding and what makes them valuable, respectively.