Cheap doesn't always mean poor quality, more times than not it simply means less expensive.
We fish steelies with our guide, who of course has all high end equipment, waders, wading boots, etc. Much of it comes free from the companies he deals with. I've watched my one friend use one of the guides $800 rods during the dead of winter and see it snap in half after hauling in a steelie. I'll be hauling in the same size and amount of steelies with my Cabela's LST and knock on wood no breakage.
High end doesn't always mean you tie better flies, you catch more or larger fish, or you are a better fly fisherman.