It probably depends how much you've got to mow. We bought one of the cheap ones (variously branded as McCulloch, JCB etc) with a plastic body second hand some years ago when we bought a house on a corner plot with long verge areas to the front and side. Fiddling about with extension leads was a nightmare, so for £40 the petrol mower was a massive improvement.
It's still going strong. One of the wheels comes loose when you're mowing, but I could probably fix it if I could be bothered.
I'm sure more expensive mowers are better built, and the Honda ones are really smart, but based on the performance of the current one I don't see that the cost would have been justified for our modest needs.
Although the convenience is great, it's worth noting that petrol mowers aren't the most environmentally-friendly of devices. The engines are fairly crude devices so the emissions are pretty poor - a far cry from a decent modern petrol engine in, say, a car.