I had the same question a few days ago and I've already ordered some of the cheapest Chinese bits on ebay. For the price I think it's worth trying them.

Yesterday I found a Taiwanese manufacturer of woodworking router bits, ARDEN, they have a wide range of tools and they seem to be good quality. There is only one Chinese supplier on ebay and the prices are about a quarter of the European quality bits. Now I'n curious to see how good they are. If anyone's interested I'll post back when I receive and test them.