I'm into Cycling, fishing, guns, hiking, camping, and a few other outdoors activities.
What's worth paying for?
Clothing: Quality clothing apporopriate for the chosen activity. Usually that means moisture wicking, fleece, waterproof, windproof.
Bikes: Going cheap on a bicycle isn't really an option, especially when you're going to use it for several thousand miles a season.
Waders: I'm going to buy my third pair this winter. I went cheap, twice, and am going to end up buying a good pair this time.
Camping gear: A decent tent, good warm sleeping bag, a good stove, a good lantern. Scrimping when you're 4 hours from civilization isn't a fun idea.
Of course, I love getting stuff on sale. Its last years model, out of style, or the latest and greatest just made it obsolete.
There are places to cut corners. I've never paid for high-end fishing line. Always have bought mid range fishing poles.