lackluster

I don't want to wear out my welcome with too many questions but I had such good luck with my last one I'm gonna post another one.

Is there inexpensive recording equipment that measures up in every way to higher priced items, in terms of headroom, noise level, durability and sound quality? Or is this all just a dream? Is budget equipment a compromise of quality vs price? Do the cheaper knock off products really measure up to the “real” thing or are they just half or three quarters as good?