Andy, with respect, you are missing the plot completely.

First of all, cheaper power tools are fine for many applications.
Horses for courses.

I've always wanted a biscuit joiner, but for many years they have been
completely outside of my price range as a serious DIYer. Now they
arent, I can justify spending =A340 on one. Wouldn't last the week out
in a joinery shop, but it will give me years of service.

Secondly, there is a huge difference between 'cheaply made' and 'made
cheaply'.

For years the big boys in power tools have made huge margins and with
huge margins come huge expenses. Sales meetings in Spain, top of the
range company cars, hospitality etc. Now the big boys operate in the
real world and watch costs like a hawk.

Manufacturing techniques have also changed, JIT, L.E.A.N. etc.
Structural plastics have arrived.

I work for a multi national equipment manufacturer. In the last 5
years we have turned to L.E.A.N. manufacturing, outsourcing non
critical components to eastern Europe, use of advanced moulding
techniques etc. Our costs & prices have dropped by 30% - quality has
improved overall.

Dave