I think it's ultimately a matter of personal values, because what we value tends to determine the philosophy we adopt. Some value form over function, while others value function over form. From there, we can talk about frugality, aesthetics, ergonomics, high-tech materials, minimalism, tradition, status, and so on. How much do you value each of these items? I'm not overly concerned about aesthetics or high-tech materials, but I definitely value frugality and ergonomics, as well as several other items.
I've tried a lot of different knives across the years, but I find that I continually come back to high function knives that are modestly priced, such as SAKs, Ontario Rat 1s, Cold Steel Voyagers, Beckers, Ka-Bar USMCs and so on. Knowing my values, this doesn't surprise me at all.
So determine your values, establish a philosophy, set your budget and enjoy. So long as you don't break the bank, it's all good.