I have a complete set of Cleveland drills in letter, fractional and number in a nice box. Cost me $180 for the whole set back 15 years ago.
I also have numerous sets of cheap drills that get used around the house when I don't want to risk breaking my Clevland drills such as drywall and woodwork etc. I don't think I have a single drill that hasn't been resharpened a hundred times, all done on a bench grinder by hand.
Without exception the cheap drills lose their hardness the farther you grind back, the Cleveland drills are hard all the way to the hilt. There is a time and place for all these drill bits in my box but when it comes time to drill a hole within 0.001" size in a material like 416 SS or 245 tool steel I don't bother with the cheap drills.
I guess what I am trying to say is most people don't need a drill bit like the Cleveland all the time, but when it comes time to modify one for use as an "old school" reamer I wouldn't even attempt such a thing with a cheap drill. The machine shops I worked in all used Cleveland drills, some even switched over when they seen how well they hold an edge when they seen the work mine could produce all day long.
The biggest problem is most people have no clue on how to use a drill bit properly or how to resharpen them and the risk of breakage is high, not a place for a $7 drill. One thing is for sure I have never seen an off center ground drill from Cleveland, they have exceptional quality control.
I have a cheap chinese set of fractional drills that look just horrible, the flutes look almost rough cast. However they are really tough and take abuse like no other drill I have ever used and just don't break. They get used for things like maganese castings that are full of scale and sand inclusions because they are so durable. For the same job the Cleveland drill would chip and possibly break.
There is a time and place for everything, just like life.