After buying the high-end stuff I would say, IMO, yes it is worth it simply due to the fact of the durability and warranty (lifetime). Have had several "lighter weight" cheaper sets (FroggToggs, Cabelas Space Rain, Onyx, Red Ledge), and the condition I hunt in typically has me in brushy areas and they would never hold up. The last thing I personally want to skimp on is my rain gear now after having cheaper stuff fail in conditions you do not want to be wet in!
First higher end rain gear I purchased was the First Lite Boundary Stormtight which I thought was a perfect mix of not so heavy, but heavy enough to be durable. Had no issues with this jacket. Was pretty tough, had pit zips which IMO are a must, and seemed to do well in extended rains.
Currently running the Sixsite Blackfoot coat. Awesome coat. A little more heavy duty, pit zips, breathes well (for a rain coat) and has a no questions asked warranty! This coat seems to be bombproof as I've climbed trees and busted a lot of brush with it. I also use it as a shell in the winter time paired with the San Juan and love it.
Anyway, rain gear is one of those items I've decided I won't skimp on and I am willing to pack the extra few ounces for a little better protection. Plus, it doubles as an excellent winter shell. But that's all preference on what your intended use is and what the chances of extreme weather are I suppose.