Equipment is made to be used. Stuff that sits on a shelf because it is too valuable to be placed in regular service represents wasted resources.
+1. I buy good enough quality, but not so expensive that i won't use it.
+1 Buy sufficient quality to satisfy the requirement, and not theoretical quality enhancements. This is the idea behind the quote I use in my signature. For example, you can easily spend 10 times as much on a knife that will do nothing more than a Mora will do. Use the saved $$ to satisfy another requirement.
I also distinguish between "cheap" which can imply low quality and "inexpensive" which does not. I think we are all talking about what I would call "inexpensive."