Nicely put, Forging Fool.
As a field tech in my day job, I find I enjoy using good quality tools. They give better results (for e.g. repeatability in measurements), are better finished, more precise, don't slip anywhere near as often, have better ergonomics (although that is subjective - for example a lot of colleagues use Wera screwdrivers, but I find them a bit awkward & prefer KWB) and make it easier for me to do a quality job. I LOVE my Stahlwille spanners for example.
BUT!! In the field, it can be
a. difficult to avoid losses
b. if you don't have the right tool, there may not be a good tool shop near by
c. you need to modify a tool - I don't want to bend a Stahlwille if I can bend a Kinchrome or, if I'm really out if luck, whatever monkey metal, vaguely-close-to-the-size-it-claims-to-be piece of junk.
a. is partially alleviated by selecting unusual, good quality tools. Hence KWB. I also like plenty of other brands such as pre-Stanley ownership Facom & Britool. It helps keep an eye on them if you're the only one with that brand.
As for hammers, like many tools it comes down to ergonomics, material, heat treating, and finish/aesthetics. I've used a hammer made of 1045 or similar, and the rebound was terrific. Going back to my cast head cross peen was not pleasant.
Plus, I find many cheap hammer makers seem to have no idea about ergonomics. The bigger the hammer, the bigger the handle (so that its in proportion?)
That cast hammer is 3lb. I have quite large hands, but the handle was WAAAAY too fat to be comfortable. Counter intuitively, I found I was gripping it harder to try and control it. Having thinned it out a lot, it's better. Still want to have a go at making a hammer from Spring steel, because this one feels pretty heavy / dead at the anvil.
In short, I expect any quality tool to both look and perform better than a cheap version, and given an option I will go quality every time.