I have some cast iron pans that have passed down from other generations; one was my grandmother's, one was my wife's grandmother's, one was my mom's and one was my aunt's, and two we got on our wedding. They're all seasoned and used often and you can roll an egg around on 'em when frying it! And, NOTHING frys sliced or diced potatoes better than a cast iron pan; you can't brown them properly in anything other!
That said, we also have a set of Cooking Essentials pots and pans, and our frypans (sm and lg) have worn out where the teflon coating is no longer non-stick (eggs stick to 'em). We just bought two replacements, a pair of teflon pans by T-Fal at Walmart for about $25 for the two that work just fine and will last a couple years; the old ones still suffice to fry burgers and onions and such, but the new ones are reserved for eggs, sauces, etc. When they get worn, we'll just replace them or probably the whole set by that time in 2 or 3 years. The whole set was about $100 or so. With just me and momma home, that's all we need and gives the kids something worthwhile to buy us for Christmas (that's how we got the last set! :) )
Pops §§