So far, it's been of some use chopping down crap in the backyard...it takes it well. I'll know how well it puts up a year from now, but so far it seems worth the $20 I paid for it at wally-world.
Not trying to tell anyone what they should or shouldn't buy, but I have my own guidelines I follow on matters like these.
Basically, it boils down to this: It might take it now, but 6 months down the road, you hit the wrong log or whatever the right way and it breaks, you stand a good chance of getting hurt. The severity of said wound might be minor or an eye, but either way, it ain't worth twenty bucks to me.
Cheap steel is cheap steel. The only knife I have ever broke was some cruddy Chinese knife back when I was in the USMC, and sure as the sun will rise, it broke and stuck me. No big deal, barely broke the skin after it went through my cammie blouse, but it taught me a lesson. Not to split hairs, but there is inexpensive and there is cheap. I won't buy cheap, but I frequently buy inexpensive.
Nothing against Chinese knives, either. A friend recently gave me a Spyderco Tenacious, and it is obviously a well made piece of kit that has been equal to all my other Spydercos as regards quality and construction.. As Hso mentioned, Rough Rider knives, despite being under 15 bucks or so, are generally considered to be excellent bargains. My buddy has some Kershaw that he bought for 10 bucks from Knife Center, and while it isn't as up to par as some of his other knives (mainly because of the cheapo plastic handles), it is satisfactory enough that it is his daily carry knife for work and has been for some time now.
Specific to the quoted comment, I personally do not believe in cheap beater knives. This is entirely a matter of logic for me. By my definition, a beater knife is one that gets, you know, beat up. Why would I want the cheapest POS in the world to do the worst work? Hey, in theory I would carry a S&W knife to work because I generally don't do anything more than open an envelope or cut up an apple. Under no circumstances will I personally use one to do anything more strenuous than that. I am an outspoken fan of the Spyderco Endura, and it is my go-to knife for any task, rough and tough or otherwise. Not "cheap", but at 65 bucks or so, it's hardly going to break the bank. There are a ton of really good knives right around that price, too.
Anyway, that's just my own personal guideline and opinion. I ain't spending your guys' money, so take it with a grain of salt.