Richard,
I have several of the traditional plier/knife-type multi-tools (as opposed to bicycle-type, which I also have). I have one more expensive one, a Buck Tool, and several inexpensive (US$5-10) ones that I keep in glove boxes, bike bag, etc.. I find that for most things, a $10 one works just fine. Generally the knife blade is not very high quality, but it can be sharpened enough to be useful. The pliers and screwdriver blades work fine. The wire cutter works. The Buck is obviously a much higher quality product, but I have never had a situation where I thought the $60 tool would have done a better job than the $10 tool except perhaps for a sharper knife and smoother wire cutter.

FWIW, I have a couple of inexpensive (Nashbar) bike multi-tools. About the only thing lacking are chain tools, and I have a Park Mini Brute for that. I can't imagine that a more expensive tool would work better than these that I picked up on special for about $7. Again, the quality is not great, but the 5mm (and others) hex wrench works as well as any other.

Now, for work at home, I buy high quality tools because these are the ones that will get used most. I just can't see spending a lot of money on tools that are going to sit in a bike bag when less expensive ones work fine. One day, I may get caught short. In that case I will have learned a lesson, and I will 1) buy a better tool and 2) come back here to warn my friends.
Regards,
Raymond