Like everything in life:
Cheapest products on the market: Probably not very good, but depending what it is it still might get the job done. And it's crap you don't care about impressing people anyway...... toothpicks, bottle opener, rolls of Christmas gift wrap etc...
Affordable mainstream products: To me, the best overall tier and best bang for the buck. But it takes reading reviews and trial and errors. Typically tons of products, some crap, some ok, and some excellent. If you find stuff you like here that is quality, stick with it.
High end tier: Almost always there's a some kind of image/status part of it. Designer brands, fancy packaging, if it's an electrical gadget there's sure some extra bells and whistles. Quality usually skews to higher quality, but sometimes not. For example, Calvin Klein clothes skew to higher prices, but I think the quality is awful. I've bought my share of CK clothes for the office and find it worse than wearing a $30 Arrow shirt. You'd think a shirt costing triple more would be better. Nope. If you find a quality product and can afford it, stick with it. If it sucks, then you just got ripped off by all the marketing people at that company who sold you a "premium product". On the plus side, the product probably looks nice and people may stare at it with amazement, so at least you get some brownie points for image.
As for wine, I'm not to one to ask, but I remember reading about a taste test with wine experts and they didn't fare well at all. So it shows even wine professionals can't tell a good wine to a bad one. I've read that Costco and Trader Joe wines are even pretty good and they go for cheap. That means quality wines can be sold for cheap and still be profitable.