Switch Cost Differences

I'm looking at different options for a new network stack for a SMB currently built on Cisco SG300's.

I'm a long time SMB admin, did some time at an MSP and have only ever really dealt with businesses between the 50-100 user mark. As such, I've seen a lot of lower end gear, and only at one larger client do I recall seeing something like a stack of Catalyst switches.

I've long made due with the small business grade equipment, and haven't really ever seen a need to upgrade.

Now at my current gig, I'm looking at implementing 10gig for our virtualization hosts and revisiting our whole stack. We don't have a lot of feature needs (at least I don't think we do).

In any case, I've been looking at every different vendor, from Ubiquiti to Aruba to Cisco..

My question: What is so much better about a $3000 switch than a $300 switch? How do businesses justify such a large expense?

I'm asking from a position of ignorance.. I honestly don't know.