There are some excellent posts here, but probably none of us can answer definitively or "finally" on the point of your questions...
I have heard all sorts of good reports on the premium Japanese products, that argue that they are about the finest, if the costliest, knives available...
I've carried a Victorinox Swiss Army "Officer" knife in my pocket for 20 plus years, and will fight to support the "quality" issue of this blade maker...
"About" 25 years ago, I spent the big bucks (well, back then, my big chef's knife cost about $40, today its around $150) for Henckel knives with the through tangs, thick, heavy blades, high carbon steel, and at this late date, they are still there for me (though the 6" paring knife has recently been retired) and I have to say that I've been very satisfied with the service they have offered over the years, inasmuch as when "service" is considered against acquisition cost, these were very cheap to buy...
I bought a "set" (which by no means means every knife they offer!) and a "block" to store them in for my godson 6-8 years ago when he was 21, and getting involved in "chef'ing" and cooking for the fun of it, with the advice that he could reasonably afford to buy replacements when they wore out (ie he's be around 50!)
The "Sharpening Steel" is a MUST BUY...and its so simple to use, and keep your cutlery up to service...an unmaintained knife is often a danger to users!
My kids bought me a full set of Henckels last Christmas, but bought the serrated models, (un-resharpenable!) with the light gauge blades...these are in fact out of the box quite sharp (well, there were certainly affordability issues!), and while these will certainly cut tomato, celery, cucumber, bread etc, on a par with the old heavyweights, they will not last, and where a heavyweight blade is required to split a watermelon, coconut (or even a big onion!) they aren't nearly the tool that the big knives are...and will eventually wear out...
A boning knife as an instance...I paid $85 (Cdn$) for a heavyweight, and one of the kids will "inherit" it...not that I'm knocking off anytime soon!...and the cheaper one works fine for now, but in five years will be being re-cycled...
You guys all have your own issues, and if you need a full set NOW, then go to WalMart and get the cheaper short term ones...and if you can spring a few bucks every other month, save up and buy the best you can find...(and use too! That comment on hefting it in your hand is entirely on the mark! I'm 6 feet, 200 lbs, its a bit different if you're 5"-0" nothing and 110 lbs!)
And if you can get a "steal" on EBay, go for it!