I have a Lamsom 5wt that I love. I fish cheap 8wt reels for bass no problem, but I'm not stepping into saltwater with a cheap reel. Not even once.
I'm also trying to fish a mono rig for trout so an upgraded 5 wt is inevitable but I like having cheap backups ready for friends on the Guad and mountain trips.
Regarding rods. A guide I fish with often has a bunch of great set-ups for clients-Winston, Sage etc. Banging banks all day I prefer my cheap ass TFO pro 3. I'm more consistent and accurate hitting 2' strike zones for bass but also working dries with my 5 wt. The extra price point is wasted on me. I fish fast and hard though.
What makes the most difference for me is line choice for the style of fishing I'm doing and building my own leaders. Getting away from pre-made leaders has greatly increased my ability to turn over big flies, tuck cast nymphs smoothly, hit tight targets, and fish dries with natural slack and gentle presentation.