What's an inexpensive or low-quality item that you ended up loving and keeping for years?
I bought a lift-top coffee table from a big box store almost a decade ago. It's entirely particle board and has seen better days cosmetically, but it's probably my single favorite piece of furniture. It's immensely practical for meals, using a laptop, or just bringing your remote/drink/whatever closer to your hand when laying down on the couch. I instinctively try to lift other people's coffee tables when I visit, and am mildly annoyed when it doesn't work...
also, they develop and add to the flavor of what you cook that nonstick pans never will. My inexpensive item though was a stupidly cheap chef's knife from Ikea. I needed one after moving into my first apartment and I was getting some furniture there (the futon wasn't bad either, for what it was,) and I still have the knife around even after upgrading to a wustoff.
it was like twenty bucks. and with care it still performs like a champ.