What most of you have said about buying quality is correct, at least in part.
The corollary to this principle (which is equally true) however is that; just because you have spent a lot more, doesn't necessarily mean you have bought better quality. The Law of Diminishing Returns is alive and well and also many times the premium price we might pay for products has little or nothing to do with their value and everything to do with the name printed on the side.
Take Porsche as an example. No one buys one because they are exceptionally well-made cars. In fact, a Toyota costing 1/4 or so of the price will likely outlast it by many, many thousands of miles. It will also ride better, handle more smoothly, and what few repairs and little service is required will cost you far less as well. You buy a Porsche to enjoy the "prestige" of the name.
Optics are another good example. If your pride requires it, you buy optics with a majestic eagle, a stylized Z, or a cute red dot on the side. If you want simple optical performance, Nikon, Bushnell, Minox, Kahles, Pentax, Meopta, Vortex, and etc. all offer comparable quality products at 1/2 the price or less. They also offer better warranties and better customer service as well.
So too are the products of (some) custom bowyers, fletchers, etc. You oft times are paying for the name on the product, without necessarily receiving a correlating increase in quality.
Put more simply: "Buy the best" and "Pay the most" do not necessarily mean the same thing.