Who would have thought that the simple notion of having respect for each other could spark such a lot of debate?
Tyler, I think your dictionary definition is a little bit away from the everyday useage of the word "respect". I have respect for absolutely everybody until they demonstrate that they don't deserve it. If there's room for doubt, I lean towards giving them the benefit. Admiration, honour, esteem...these are not really words I think about when I think about this basic level of respect. So perhaps we have a communication problem; I certainly don't hold "big name magicians" to the level of respect that you're talking about - I don't admire Jay Sankey because of the volume of tricks he has put out (which does include some absolute gems!). I do respect him as a creative, entertaining magician though (and even if I don't find him entertaining, there are clearly audiences who do, which is the point).
The attitude that "respect must be earned" is a good one, yet everyone is due a basic level of respect which means we don't be rude about them or their work, we don't make baseless assumptions - especially not in writing in public (there's a nasty word for that...)!
Perhaps a better word for what I'm trying to express is "common courtesy" towards a fellow human being. In addition, the more open minded you can be, the more you can learn - and maybe one day you will be well known enough for people who have no idea who you really are to be rude about you on a public discussion forum! Of course, you won't care - after all, what do they know?