Well I often jokingly say that I have the largest collection of HF tools this side of the Mississippi River...

You certainly do get what you pay for, and being a cheap human I tend to buy good stuff when I need it and can afford it because often cheap stuff is a false economy. But I have seldom been disappointed in what I've bought from HF. This is probably because I'm pretty selective about what I get there.
I have the standard range of knifemaker's tools - bandsaw, diamond burrs for the Dremel, hammers of all kinds, buffer - and have been completely satisfied. I did buy a 55 lb anvil that makes a great shelf for my unfinished 5 foot diameter platen...but it looks cool anyway. I have the standard 7 X 10 lathe and a 3-in1 mill/drill/lathe. The latter isn't great but I do get some use out of it. It'd be much better if I new how to use machine tools but I'm just fumbling around in the dark with mittens on when it comes to machining anything.

Maybe I'd be more particular if I knew what I was doing.
I buy gloves, files, pliers, all kinds of disposable stuff there that I feel I'd just be throwing money away on elsewhere. If it werent for cheap HF files I would not have the huge collection of special-purpose tools that I do. And they're cheap enough to ditch if they become dull, which none have so far. Because of the heat treat issue I don't buy screw drivers there, or utility knife blades. Their abrasives suck eggs.
Most recently I bought a sandblast cabinet, and after the standard rebuilding phase it has been working great. Yes, it took some reengineering to get it to work its best but we're all good at that, I think.

I also bought a cheapo "optivisor" there for $5 that works great! It probably won't last long but so far it's been invaluable for me and for $5 I can replace it fairly often and still be ahead. In fact, over my lifetime I will have still saved "significant" money because I won't replace it that often.
All in all, I'd hate not to have HF to go to on a rainy Sunday afternoon. It's better than a candy store for a five year old!