I couldn't agree more. A $20 Timex will tell you what time it is (which, as you will learn, isn't all that critical in the backcountry - "dawn," "midmorning," "about noon," etc., are close enough.)

But knowing - absolutely knowing - you'll be cozy warm your sleeping bag on a cold, cold mountain night - maybe not priceless, but certainly well worth the hefty price tags the good bags carry.