My view is simply that a guitar consists of two elements; the wood & craftsmanship and the electronics. Budget guitars don't have good electronics generally, but pickups are random and the rest is easy and cheap the replace. Pickups are a random sort of thing to me; what works well with one guitar might sound like crap on another. My #1 has cheap ceramic pickups - I can't explain why they work in there, but I even went out of my way to buy another set from
@Eric'45 . I appreciate the super-duper Bare Knuckles in my Strat or the top notch Fenders in my anniversary Tele but I've never really seen a clear ratio from good to bad correlating with price in that regard.
Then there's the wood and craftsmanship. Even the cheapest factory will churn out the odd guitar that's really well done and by happy accident has the right cut of the right pieces of wood, etc. Less common than with expensive guitars but not impossible. A cheap guitar *can* be better than a hundred expensive ones, the chances are just a lot lower - and you'll want to swap out some parts here and there.
EDIT:
@ibmorjamn I think you're a guitarist if you play guitar. That's the definition I go by. To be a musician, you have to play what other people want to hear. And to be a pro you have to get paid to do so or earn money from it somehow.