I've often been struck with the same question, is it really worth spending that extra $100, $200 or more for a reel or rod. When I first started trying out a bit of fly fishing years ago I had this crappy jarvis walker beginners combo that was a pain to cast, heavy and generally felt like rubbish. But, I caught fish on it, and lots of them too. Thinking this was a great way to fish I upgraded to a loomis gl2 and it took me over a year before I managed to pull one in with it! Since then I've changed to a sage xp (which thankfully I have a little more luck with..), the thing cost a heap but the difference between it and the loomis in castability is amazing, and I'd never go back.
I guess the moral of this long winded story is that while the top of the line gear is definitely better, and you can notice the difference between it and the cheaper stuff, it doesn't mean that you'll catch fish with it. Just remember, it's not the rod or the reel that catches the fish, but the fool hanging onto it