It really depends on how you define what "quality" is. If you mean do they work and will they last, then yes, Taurus makes a "quality" revolver, and some of their autos are "quality" enough to hold up if you don't shoot much. But if "quality" means on par with Smith & Wesson or (with autos) Glock or Springfield, then no. They aren't even in the same league as the mainstream brands.
If you don't believe me, then look at what guys are using in competition and look at what cops and professional security personel use. They are price conscious just like the rest of us are, and if a cheap gun would work well they would be using them. You won't find even a semi-serious competitor using any Taurus product, no Kel-Tec, and very few Rugers. They go ahead and spend a few extra dollars on something that will perform, and they get what they pay for. And I do mean a few extra dollars- if you add up the total cost even a casual shooter spends, an extra $200 spent on the gun is trivial spread out over the lifetime of the gun.
To me, cheap guns like Taurus, Charter, Rossi, Kel Tec, and a few others exist just to appease cheap people. There are alot of gun buyers who just really like to buy guns. They don't shoot much, they don't know much about guns, but they save a few dollars every month to buy something new once or twice a year. And those are the guys whom cheap guns are made for. They will never shoot them enough to see whether they are durable, and they don't care enough about performance to notice the rough triggers and poor accuracy. Cheap guns exist so that cheap people can say, "I have a gun" or "I have 20 guns." If you just want to be a gun owner, then the Taurus is the best of the lot among the cheap makes and you can probably trust it. But if you want to be a shooter, then go ahead and save pennies for another month or two and buy something good.