I've never owned the real high-end stuff, but I tend to go for the stylish $80 (give or take) jerseys like those from Voler. I just like the look and the feel better than my older Performance or Cannondale cheapo jerseys.
I don't mind paying a bit more for something that looks and feels better. I'm not the strongest or fastest cyclist in the bunch, but at least I can look and feel like the cyclist I aspire to be.