Maybe. You get what you pay for is a quote that does include cues. Major production cue manufacturers can afford to have quality controls equal to those of a custom cue maker to prevent the cue from warping. Cues that have little intricacy, which is measured from Level 1 (no intricacy) to 7 (very intricate with more than 125 inlays), can be as good from both. The close attention that is paid to a custom cue cannot be matched with a production cue, but for the best cues, this affects the design and not the playability.
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Most production pool cues, if maintained in "like new" condition, can hold their value and even increase in value. In addition to the condition of the cue, the factors affecting their value is the level of intricacy, rarity of the cue model, age, and the maker.
Viking, well known for lower priced cues, has cue models of mid-range intricacy that are 20 years old that are valued at more than their original price. Their later cues are valued at near their original selling price.
Meucci and McDermott, both typically selling at more of a mid-range to high for production cues, have nearly all maintained their value from original selling price. Their mid-range and better intricacy cues (Level 3 to 6) generally increase in value, selling for more than than a new cue. Meucci has made collectible cues that, as expected, are worth considerably more than their selling price - most notably their Level 5 Road Runner cue, of which only 6 were mad, sold new for $600 and is valued at $5,000 today.
Brunswick Billiards has produced a wide range of cues at all levels and values and many of their early cues have increased in price tremendously. The Level 1 and Level cues of Brunswick Balke Collender sold for under $6 in early 1900's and are valued about $6,000 with a Level 8 valued at about $14,000. Their more recent cues generally do not hold their value.
This is a subjective question. For the average player, a well made production cue is certainly as good as a custom cue. However, the player cannot change the handling or feel of the cue, a big difference with a custom cue, which can be designed for exactly the handling, feel, weight distribution, and of course, looks, that the player wants. Most production cues are much more likely to warp and otherwise deteriorate than a custom cue. However, for the difference in price, it simply means the player should take very good care of the production cue, just as if it was a custom cue that could cost 10 times as much.