danny has a good point, however in my experience some cheap stuff i have bought has lasted years, the halfords basic 40 or 50 piece socket set has lasted 10years and not one socket broken or ratchet failing, i would not use it as much as a pro like dan_p but for home diy go for it.
i am snobby about certain types of tools like drills [ bosch/hilti ] or cutters [ rs components ] cos i use them constantly in my job and a cheapo job wont last a week, but saying that i bought a clark 24v from machine mart and 6 years later still works like new unlike some makitas 4 times the price i have used
alot of people moan about cheapo cos they dont use them correctly
eg whats the correct way to use an open ended spanner when loosening or tightening a nut or holding a bolt? alot of peeps dont know
as i was taught in gunnery use the correct tools correctly!