As spinner baits are a favoutrite lure of mine on my lake, I've had experience with both the costly and the cheap.
ANY SPINNER BAIT WILL CATCH FISH.
That being said, and as others have mentioned, you get what you pay for.
This past summer I was hooked on these spinners a local was making and selling. They cost $4 each and, tipped with a trailer hook, were irresistable to the larger pike. AFter a tussle and release, these spinner baits would be mangled and would either have to be straightened out (which took away from the action) or discarded. I still have 5 or 6 of 'em and figured if I go through 3 it'll cover the cost of 1 premium spinnerbait. I will purchase them again 'cause like Garry2rs said, "I'd rather have a cheap spinnerbaits than no spinnerbaits". Very true.
Also true is that the more expensive spinners are more likely to have better helicoptering and slow rolling qualities, however, I would find it premature to dismiss all cheap spinnerbaits as not having any of these qualities.
reefrunner