Hi Airbud.
Fact: there are many different kinds of steel with many different properties including how hard they are, how brittle they are, how much they vibrate, and how sharp an edge they will take and hold (related to the particle composition of the steel, and more expensive doesn't necessarilly mean sharper edge). There are also many variables in quality in any given category of steel.
Generally, the harder and more durable steel is more expensive. Additionally, to get it hard, durable, and able to take a truly fine edge takes even more detail in it's manufacture thus making it even more expensive.
Also, consistancy of the metal is very important as inconsistancies create variable performance and strength. A tool with spots of increased durability will have spots that wear unevenly as you use the tool, creating grabs and marks.
Fact: the quality of milling on the surface of the tool affects the edge. Poorly milled steel will have tiny ridges and bumps that, when the tool is sharpened, will create an irregular edge that no amount of sharpening will clean up. This can be mitigated somewhat by sanding the flute of a gouge or the surface of a scraper but is a pain.
So,
Conclusion: The quality of a tool can affect the performance of the turner. A better tool will not automatically improve your skill but a lower quality tool will reduce or limit your performance.
How's that?
Dietrich