Can understand Phil V's point that good quality lenses may mean that a shot is achievable when a cheaper lens just wouldn't be able to capture anything, but would guess that would be a fairly rare occurrence (?).
It really depends on what you shoot and how important it is that you get results. I suppose that's why fast lenses are referred to as 'pro quality'.
If your hobby is landscape photography, then fast lenses aren't really going to be much use, but then build quality and optical properties might be very important. If you just like to capture holiday snaps, or daytrips with the kids, you'll not really see the need. But I suppose it comes down to the last 20% statistic.
A wedding photographer needs a lens that will focus in insanely dark conditions. As a wedding guest, when the lights go down and your camera will no longer focus, it just means you can get on with some serious drinking. I'm expected to still get the shots. And the built in flash with the red-eye reduction and focus assist doesn't really fit with my artistic vision

. Oddly we portrait photographers spend loads of money on really sharp lenses and our quiet evenings sat at the computer making people look better by selectively smoothing images.
My 'fun' photography is rallying, when I've spent loads of money to get to an event and got up at 4 in the morning, put on my waterproof gear and trudged a mile up a mountain, I don't want to be leaving the camera in the bag because the light is low.:shake:
The thing is, once you've got used to using gear that works in almost impossible situations, you can't go back to kit lenses, they're just bundles of frustration.
