Matt,
Many good posts already... My own answer is YES. Cheap knives definitely have a place for regular use.
There are many things I hate on this planet, and one of those things is people who own dozens of high-end knives and don't know how to use them. I'm sure the roman people were collecting high-end spears and body armors when the barbarians attacked with their "primitive" gear. Under-equipped, poorly fed, poorly organized, they nevertheless could conquer an empire because they had the spirit, and could use the little they had to it's fullest extent. The romans were superior in numbers, organization and equipement, but they had lost their testicles thanks to complacency: they thought that gear, organization and "power" could replace skill, guts and work.
The cheapest blade on this ugly earth will outperform any high-end knife put in the hands of someone who can't sharpen it or use it well. Recently I've lent my Camp Tramp to a moron, and it took him 23 whacks to chop through a 2" diam. pine branch (yes, green !!!). Such a waste of a good blade made me sick. I felt like slapping that guy in the face.
Until last year, I chopped my way through life with a 7$ Tramontina machete. I bought it when I was a kid, and it followed me everywhere since. Cheap as it can be, I've used it for so long that it feels like it's a part of me, and I think that counts. This intimate relationship with a tool, which equates to a "skill factor" is, to me, much more important than the tool's quality.
In good hands, of course, a quality tool unfolds and is able to express it's full potential. And that is a beauty to watch. But skill is not bought, and good tools can't replace skill.
Just my humble opinion...
Cheers,
David