I could not agree with you more on this one. There's nothing worse then getting a knife you are excited about only to find out that you got a potato sack to put it in.
With the exception of companies that do not offer sheaths for all models of their knives (i.e. Bussekin), I will pass on ANY knife if the sheath is shoddy. If a company doesn't care enough to offer a quality sheath, they probably have some issues with their knives as well.
Perfect example. As a kid in the 70's the only fixed blade knives available to me (rural eastern Kentucky) were Buck, Case, and Western. Not superior knives by today's standards but more than adequate for my uses.
The leather sheaths (no kydex in those days) were very well constructed (especially the Buck) and stood up to all the use and abuse that a 10-year old boy could subject them to!