Boom, I just picked up an IT LBV and like it quite well. I'll vouch for its construction as far as fit and utility.
Its not Nytanium, 1000 denier, super-unobtanium, etc. but its constructed neatly and workable.
Agreeing with Gant, I think a few foul weather / water ops, and it will start to behave like a $40 LBV. But hey, this is airsoft, and in AZ, so neither are likely.
Not all higher priced gear is better though, and I don't mean to counter your point Gant, but rather to add to it, I think the spirit of your post is such. Ask around about the expensive stuff before you get stuck with a $300 rig that looks outstanding on a maniquin.
Take a pic when you get that rig loaded up.
Regards, Bagger