I have a 29.99 Craftsman and it works just fine for me. I can't imagine there being a huge difference upgrading to a 150.00 one.
Brushes, motors, gears, switches, etc. The difference in the products used is generally internal, although external differences such as a metal blade guard or shoe on your saw also add to it (although I don't know that there are plastic shoes on any saws commonly sold). The difference between those products used almost universally translates to longer life, better durability, ease and cost of repairs (when considered as a whole), and ease of use and/or safety.
That $130 may not seem like that big a difference, but let's use carpenters for an example. If the motor burns out on your $30 saw, the odds are that it'll be cheaper in the long run to simply buy a new saw. Given the probability that his $150 saw is made with better materials, it SHOULD last AT LEAST twice as long as yours, and quite possibly 3-4 times as long. Given that he'd be buying new saws with the $30 version, just that factor alone can quickly add up to the $150 saw being a better value
in the long run. Now add in other things like him being able to change the brushes/contacts easily and cheaply instead of having to buy a new saw (which then nets him longer use out of that same saw), more power (again, generally) of his $150 saw which helps him in ease/speed to get his work completed.....and so on, and so on.
This formula isn't set in stone, but it's true more times than not, meaning in tools, you often get what you pay for, and in the long run, you get more value for your money by purchasing a better tool.