My motto would be "If its cheap, its cheap".
Being a fabricator I probably have lots of tools that may seem useless, but when I need it that one time its priceless. I stopped buying cheap tools a long time ago, especially the electrical and pnuematic stuff from Harbor Freight Et Al, but sometimes so called good tools are offshore items, and I have seen some Snap On items from China, mostly the plastic gimmick items and abrasives.
I would say I could not do without my Bridgeport, lathes, and Tig welders, and a good tube bender with quality dies. These are high dollar items, but so much can be accomplished with a lathe and mill, and right now used equipment is inexpensive..it may cost more to move it, and the bigger cost is tooling.
A good compressor and good pneumatic tools are a great investment. Good carbide cutters for your die grinder cost more, but last incredibly long. Good quality abrasives will outlast the cheapie ones three to one, and there are some interesting types available that produce really nice results.
I would guess, judging by the posts, most of us on the forum have had experience with the cheap stuff, myself included. Not being independently wealthy I try to buy good tools that I really need, and I can depend on to actually work as they should.
I have found that cheap tools and accesories tend to produce poor results, and a lot of the time they are pushed beyond their limits which unfortunately causes a lot of injuries.
I intend on keeping my tools for a long time, so for me its an investment.
More than my 2c, but a subject I enjoy.
Still have all ten digits!
Cheers
Phil