Seems this is one of those topics that never really goes away on the QB. I have made statements that some consider "bashing" of big box stores, though that is not necessarily my intent. I prefer to shop at LQS because I like to shop at local stores. Do I have a huge budget? Not really. Personally I don't think any less of quilts made with fabric purchased from big box stores and I don't look down on those who shop there. But I do know what I like in a fabric and I shop where I am most likely to find fabrics that are to my liking. What matters is when you put it in your hands, is it a quality that pleases you, the buyer? If so, buy it where ever you like for how much you like. As so many things do with quilting, it comes down to personal preference. While there are guidelines you can refer to (weave, color fastness, thickness etc) to help separate acceptable quality from not-acceptable, it is relatively subjective and there is a lot of room for personal preference/budget/accessibility etc.
I do consider myself a fabric snob - fabric has to meet my criteria and have a certain "feel" to it for me to buy it. But considering the fact I spend less than $100 a year on fabric, I am okay with that.
You make a very good point, Holice. And I'd like to add... it is not just the fabric but the construction that helps determine how long and well a quilt wears.