FWIW, I have had top-shelf electrics (a Fender 95 Am Std tele, 76 Custom Tele, 60-something Gibson LP jr). However, these days, with kids to send to college and a myriad of other expenses I have had to sell off all of my more expensive guitars. Right now, all of my electrics with one exception ($450 Gretsch Electromatic) cost less than $250 each (in most cases much less). So I do have some perspective. I can say that for folks like me (who either don't or only very occasionally play out) the cheaper guitars currently available (as well as some under-appreciated older models such as my Peavey T-30 - $150) do the job just fine with some minor annoyances. These are mostly related to cheaper pots and switches. In my experience, the really evident difference in quality is contained mostly in the electronics. These days, you can get a guitar that feels and plays just great for very little money. You just may have to get to know and love your soldering iron...