I've seen an article published by Jens Andersen, founder of RunRepeat.com, which claims that his research shows that there is no correlations better the quality of a running shoe and its price. The article is getting a lot of attention around the world from various news outlets and the original article can be found here.
http://runrepeat.com/expensive-running-shoes-are-not-better-than-more-affordable-running-shoes-study
His research seems sound and unbiased as it appears that he has no affiliation with any one particular shoe brand. Looks like I'll quit judging a shoe by its price tag.
I usually run in the expensive Brooks Adrenaline and I think I'll explore other, cheaper options. I'd like to know others favorite cheaper running shoe.