I will share what I think is an appropriate configuration of words that some might consider "wise."
It has been my experience in consumer products that there are are products that are:
1. cheap and lousy, often not worth the time of day or the small price tag. (there are exceptions, gems in the rough, so to speak)
2. value/budget oriented and of reasonable build quality at an attractive price.
3. high end, great quality and cost a bit more than budget products (often proving to be the best value in the long run)
4. products that belong in the "value/budget," or sometimes "high end" oriented market but are sold at heavily inflated prices to make the product "appear" to be something special based purely on price. I have not seen many examples of this in flashlights, but it crops up in "audiophile" gear quite frequently. I would give the example of a particular popular brand starting with the letter "B" but don't want to hurt anyones feelings
5. truly prestigious products made from the finest grades of materials and components, often hand built and available in limited numbers, and for those who can afford it, are worth every penny, especially when you know a number of those pennies went to pay a skilled worker a good wage to build it. Generally speaking, this arena tweaks out those last few drops of performance or capabilities, but does not usually have a level of capability above and beyond "high end" gear in direct proportion to the price difference.
Often times, the "high end" products available, match, or come very close to the performance or capabilities of those prestigious products, but are often available at a fraction of the price. The prestigious products, if you can afford them, are often worth owning for reasons above and beyond what the capabilities of the product are. Owning something highly unique or rare that a lot of work went into can be a rewarding experience for a consumer, and offers those truly skilled designers/builders/inventors a chance to really show off their capabilities
In conclusion, what I am saying, is that in most consumer markets, you can pay as much as you want, but a really good product is almost always available at a more conservative or reasonable price.
Eric