I don't think 'what tool to buy' debate is as simple as buy cheap or buy expensive. For starters, there's a big range out there in the middle between $2 shop crap, and Park. There's also a huge difference in people's requirements, and how often they're going to be using tools. A lot of tools I'd never skimp on. Cheap spoke keys/spanners/allen keys are often just going to cause constant headaches. Some others I don't think are nearly as important.
Cable cutters for example. I've got a set of Park cutters and they're fantastic, but I got them because I got them pretty cheap and at the time I was using them a lot. In Australia Park is horrendously overpriced, and I think anyone dropping over $100 on a set of cable cutters for occasional use has more money than sense. I've used some Lifu ones in the workshop (after one set of Park ones found their way into the garbage bin...) and they've been good. Sure, they wore faster than the Park ones but for home use they'd be more than adequate, and they're more than 70% cheaper.
Speaking of Park, I've said it before, but I also can't see the sense in buying overpriced Park allen keys for home use. They're stupid expensive, and they're just Bondhus drivers with Park handles anyway! If you're not handling the things all day everyday, standard L-keys will be plenty comfortable, and my Bondhus Ls cost me $35 for a metric 2-10mm set.
Best thing is that when they wear (and they inevitably will, not even Park will last forever) I'm not afraid of chucking them in the bin and buying a new replacement. Can't say I'd feel the same way about $200 tools, and my bolts will be better off for it.
Park aren't the only ones to look at either for quality tools. I believe that Cyclo's workshop range is still produced in England, and they've been good tools too. Sure they're not blue, but they are quality.