I'll take just one very high quality chef's knife over an equally priced 10-piece set any day. My home kitchen only includes three knives that ever get used these days:
MAC Ultimate Series 9.25" chef's knife (does 90% of the work)
Shun DM0700 3.5" paring knife
Wusthof 10" serrated knife
Then sharpening stones and a MAC black ceramic honing rod.
In total, $600+ for such a small kit seems like a lot. But when you use them daily and want stuff that holds an amazing edge, feels good in the hand, and can last a lifetime, it's worth every penny.
That being said, I keep the restaurant stocked with an assortment of Victorinox and Dexter knives. I save the good stuff for home since knives get abused in a restaurant setting.