I think the biggest difference between a cheap chain and a good one is how long it lasts before it starts making noise and/or needing to be replaced.
A good quality chain and frequent oiling will last a LONG time. I have about 20,000Km's on my chain and will likely need to be replaced in another 5-10,000Km.
Zero pretty much has it backwards, most of the guys I know who race don't use X ring, or O ring chains. They run cheaper chains that are just as strong but need replace them often apparently the chains without the O rings have less resistance. Racers are usually looking for any advantage.