We want to use the "Item Pricing" sublist on the customer record, but we're worried about how to keep that list up-to-date when our vendors update their pricing to us. Does anyone use this feature and have best practices around it?

I have used it and it does get out of control pretty fast if your not careful You can use an item pricing saved search to filter by item/customer and see different pricing per item but again it gets hard to manage eventually At least in my experience Usually I try to find a nice middle ground if possible. It usually entails a few more price levels than desired and a few custom pricing entries for specific customers But each use case is different

I've built customisations around this issue in years gone by. Planning on a Pricing SuiteApp slated for a release later this year