I still use inexpensive short-sleeve summer jerseys, but for winter, I've settled on Castelli thermal jerseys. They are just plain nicer than any inexpensive and even some moderately expensive products, like Pearl iZumi. Same with jackets and vests. I find the Castelli products are just plain better.
And with some looking around you can get them for just expensive, rather than stupid expensive. Though I've paid full price a few times and I'm always happy with the value.
I've only used relatively inexpensive bibs and tights. But they have done the job well. I've worn out some pairs out, but only after 2-3 seasons. Some of the inexpensive jerseys are starting to fade a little, but again this is after 4-5 seasons.