To answer my own question... YES... nail polish can definitly be worth it!
I recently tried new Estee Lauder Pure Color Nail Laquer in Fuschia Flame. It goes on like a dream! Seriously, I've never enjoyed putting on a nail polish as much as I loved applying this one. It goes on perfectly, makes you feel like a professional manicurest. It comes in a variety of fun shades. This one in particular shows up more on the red side then the pink/purple side.
Have you tried higher priced nail polish? Was it worth it?