This is largely true, and I can't help but feel that anyone who claims otherwise is trying to convince themselves more so than me. Of course my opnions are formed completely on anecdotal evidence. The best pair of jeans I've owned was an no name off brand, while the worst pair was a high priced name brand.
So much about style and fashion is being able to say "I am wearing so and so stylist, or such and such brand" and has little to do with quality.