This topic is absolutely fascinating. I love the process of finding the optimum piece of gear for the job. When possible, I prefer low-tech, no-nonsense simple things - the KISS principle in practice. More often than not, those things are relatively inexpensive, but there are exceptions. But with some gear you really need the functionality of the high-tech alternative. The process of needing to switch between those two is fascinating...
There are plenty of examples of exactly my kind of no-nonsense gear in the "emergency cooking set" thread:
Emergency cooking show and tell. My personal plan is pairing the Tatonka stand plus some wind screen (both very low tech) with my trangia gas burner (high tech).
I love that Einstein quote about making things as simple and as possible - but not simpler, and apply it whenever I can. I stick to reusing "bottled water" bottles for my water bottle needs. PET bottles are virtually indestructible, but your local water bottle may not be as strong as the ones sold locally around here (required by law to be reusable - much stronger than the disposable variety). I avoid soda bottles, too much hassle to clean them. Besides, I don't drink soda. When they get ugly I can recycle them.
Knives? Oh, I love handmade knives - pieces of art. And I love high end factory knives. But what I use (for the time being) is mora knives. Cheap and functional. Somewhere out there the most beautiful knife in the world with just the perfect set of features is waiting for me - but I haven't got the time to go on a quest to find it, and I don't have that kind of money right now to indulge myself with excesses in sharp steel. Mora's are cheap and functional, and I'm quite happy with them.
The anorak-equivalent/outer shell layer jacket or whatever you call it is one piece where I'll never go cheap. I want a hood that works and zippers that don't break and leak as little as possible. The garment must not impede movement in any way, and as the concept "breathable" does not go very well along with "waterproof" there must be ample ventilation.
(Exception for cold and dry conditions, where a well-breathing wind proof cotton anorak excels - but waterproof is better for me 95% of the time). I want pockets for my gloves, hat and buff, as well as room for equipment like my PSK, GPS and the like. Did I mention that I need to operate every single draw string and zipper with thick mittens? In my experience, the sum of these requirements is NOT cheap, and I'll gladly pay what it costs. The next time I'm in a blizzard I'll be glad I did.
Tents for high arctic winter conditions have similar high requirements and price tags. Those are worth every penny. Tents for the summer... Unless you have very strict size, weight or functionality requirements you'll be quite happy with most of the dozens and dozens of reasonably priced tents.
I've had the pleasure of spending a few years in high arctic conditions (Spitsbergen), and I can tell you that environment really causes you to focus on gear that works - no matter the price tag. Listening to the good advice of the ETS community is a much needed and healthy correction to my "must-have-the-best" impulse. Sometimes, cheap IS better and more functional. KISS principle again.