FWIW, I gotta chime in on this one. From what we've seen in the past several years, the quality of many items has vastly improved, an improvement most pronounced and visible in the lower cost products, from knives to LED flashlights.
Though I acknowledge the wisdom of old adages like, "you get what you pay for", the honest fact of the matter is that there are a great many outstanding products to be found at much more reasonable pricepoints.
Typically, technological advances trickle down and permeate an entire industry, and inevitably we see better and better products, at prices that were once indicative of "junk".
A good case in point are the Spyderco Tenacious series of knives reffered to above by Steffen. These are simply OUTSTANDING knives, especially at these prices.
With any product,one has to spend a certain,minimum amount to avoid wasting money on crap,no argument there, but after a certain quality/price level, we quickly reach the point of diminishing returns,and at this point, it becomes more about ego and bragging rights than it is about discernable improvements in quality and usefullness.
Also, as i've said many times,IMO, it's better to have THREE "very good" items of a specific type of gear, than it is to have ONE single item, that's the very best/most expensive you can own. In other words, 3 Ka-bars are better to have than a single Randall. 3 Fenix's are better than a single Surefire ( and I love my Surefires).
In short,buy 'good' quality, and stop worrrying about owning,and wasting money on, "the very best of the best".