+1 on good quality tools, especially hex wrenches where the price difference between the cheap crap and the highest quality is quite small. Those Bondhus wrenches are a good functional compromise with the ball end for tight spots and the normal one for high-leverage situations where the ball end would be more likely to strip the socket head. The savings from cheap tools evaporates when you damage a component with one.

Hex wrenches especially should be considered throwaways, even good ones. When they start to lose their sharp corners replace them as worn ones are more likely to strip fasteners. EDIT: You can often prolong their lives by grinding the end down to fresh edges.

Multitools suck for the most part; I just carry the few sizes of L-wrenches my bikes require. They work better and I suspect that they are lighter than the rough-equivalent multitool. Trying to install a bottle cage, for instance, with a multitool is exquisite torture.