These days, with the proliferation of CNC machines and whatnot, there are very few completely terrible guitars and bass brands around. Where not so long ago the likes of Squier, Ephphone, SBMM, etc. might once have only been considered beginner instruments, you could quite happily have one and gig it regularly - Mike Rutherford using Squier Affinity guitars live is a good example of someone not fussed by the brand name (although his are modded somewhat, I'm sure). When I bought my Squier Precision in 1998 I actually chose it over a Mexican Fender Jazz because I thought it was a better put together (and better sounding) instrument even though it was about half the price. As has been mentioned elsewhere, eventually you start getting into the realms of diminishing returns as the price goes up, where each incremental improvement in quality seems to come with a bigger and bigger price hike. The trick is to know how good is going to be good enough for what you need.