What do you look for as far as judging quality.

[Bastid]

Gus,

Could you talk out the obvious stuff fit and finish wise as well as blade "walk & talk" ?

It would be very useful.

Fit and finish,
Gig Thomason and Blues touched on that well, I use my fingers and eyes.

Key points for me.

Area where the tang and blade meet (inside and out).
Material transition areas (handle to bolsters, shield to handle material etc). - Looking and feeling for a smooth transition.
Pins / Shields - Do they sit well on stag and bone and blend into the material. I do not want to feel the edge of the shield even on figured stag. On pearl ivory and other smooth material, I do not want to feel them at all unless we are talking raised shields or domed pins.
Walk and talk: A crisp Blade action to open (and half stop positions if applicable).

Say the blade has a half stop. At around 45 degrees when opening the knife the blade should "walk briskly" on it's own to the half stop position with what is to me a very pleasing precise sound of "thunk".

 

[kamagong]

I look for good bevels. Sharpening isn't a problem, it's a normal part of knife ownership. But it's a real PITA when you have to deal with non-existent bevels and spend a couple hours putting an edge on a new knife.

I also look for good steel. A knife's purpose is to cut and it does its work better when the blade steel is a good one. Now I know that Tru-Sharp and 420HC make serviceable blades, but why should I have to deal with it when I know it's inferior (IMHO). I'll stick with 1095, CV, and other carbon steels for my traditionals and spend my money on those businesses that cater to my tastes.

 

[annr]

The more I pay the higher my expectations. Any opinions on the price range that correlates with a better constructed and better finished knife? a lower quality knife? any exceptions?

Any times you guys have been particularity surprised by how well-done an inexpensive knife is? or how poorly made an expensive knife?