I find that it is totally subjective…I have been on a few boards where ppl are discussing yarn, and you get some ppl who are die hard natural fibre users…and others who don’t mind the cheap stuff.
For me…I gauge my project. If I fall in love with a natural fibre…and I can find a really nice project for it…I will consider the cost…
But if it is for a new project I am not sure about…or can do with any old thing…I dont have any problem using whatever is on hand, or availble at Walmart (ugh) or Michaels (ugh again)
The project to me counts because some things are really better off with el chepo yarn…for example…things that are not necessarily going to be in direct contact with the skin. For example, a childs back pack. It will likely take abuse, and a lot of wear, and to knit it in really nice yarn wouldn’t be worth it…
Mind you…I have also heard ppl of the mind “if it is worth knitting, then it is worth buying the best you can afford” although I do agree that the time and effort you put into something has value…I do always agree that it needs to be premium…
The best wool is the wool that makes you happiest!