I don't consider buying quality products to be extravagant. I bought a 45 mm rotary cutter (Olfa) in 1994. Still using it. The cheapo rotary cutter that I was given as a door prize broke in 2 years (and it was only used at Quilter's Night Out!). On the other hand, some of you go through a LOT of blades, so it makes sense that you might make do with adequate. Pay attention though on how often you change blades vs. the brand name.
I go round and round with my Mom on this stuff, but the fact is, if I can't get good quality, I don't buy it at all. Saves me money to buy other nonsense (like my fairly new Itouch that is sucking up all my quilting time).