To me tools are like, watches, guns, and automobiles...
to a degree you get what you pay for. I like the feel of a good tool (boy am I leaving my self open) but then I am a technician and work mostly with screwdrivers and needle nose pliers where precision is more noticeable. I have a set of Chinese sockets that have been know to crack under heavy use... very annoying when your in the middle of a project and have to stop, wash the grease off your hands, and go buy another socket (at premium price because you are buying only one socket).
Having said that there are times when cheap tools make sense when you know the tool is going to be abused such as vice grips that are going to be used for welding. I wouldn't use my German screwdriver to open paint cans.
And at some point there is a diminishing amount of return on your investment.
To use my watch, gun, automobile analogy,
If I were rich I would probably be just as happy with my Seiko as a Rolex, a Ruger works just as well as a HK, And I would be just as happy with GT3 as a CGT. Not that I wouldn't love to have a Rolex, HK, or a CGT just that you are paying two to three times as much money for something that is just a little bit nicer/well made.