I've always been taught "you get what you pay for" too.
I have used the cheaper fabrics on quick lap quilts for the couch (for kids and dogs) where I know it's going to be thrashed, it needs to go through the washing machine, and it doesn't have to last a million years.
But for something special, with an intricate design, I'm going for the absolute best fabric there is, even if it takes me a while to save.
The blue and white star exchange cost me just under $80 for the fabrics, $48 for the postage, and turned into rather an expensive undertaking. BUT, it will be worth it.