I have a project requiring a dozen 2" holes through a piece of 2" laminated pine--actually two pieces of 1" laminated pine but drilling them together seemed like a good way to ensure the holes would line up. Not having a Forstner bit that large I bought a Woodcraft house-brand bit for ten bucks and fired up the drill press. I got maybe half a dozen clean, easy holes. After that it got rough, lots of tearout, not so pretty.
I'm sure that buying a more expensive bit would have produced better results, a better grade of steel and so on. But how much better, where is the point of diminishing returns? Would moving up to a $20 CMT be a real improvement or is a bit in that price range likely to be from the same source as the house-brand bit? Is spending $40 (or more) on a Famag or Bormax going to give me four times the performance of the cheap bit or is a significant fraction of that price in the brand name/marketing? What's the magic price range at which performance goes way up but doesn't irritate SWMBO beyond the redline?