I have the luxury of trying both ends of the spectrum. I have one high end JDM rod with a Pflueger 20 lined with high end JDM nylon hi vis. It is by far the most sensitive rod that I have ever owned, and it casts and fishes beautifully. That said and for that kind of money it darn well should. Today due to high river snot I decided to go topwater, and went out with my TSS Trout Slayer also equipped with a Pflueger 20, and 2 lb Stren Crappie. That whole outfit is under $100, not a bank breaker, and I have to tell you it was just pure fun to fish. The TSS is pretty sensitive, and with the 2lb really gets the drag singing! I enjoyed the explosive takes, and even the misses were fun to watch. So no, you don't have to spend a lot to have a LOT of fun fishing ultralight for the little guys. Like Skeet, I have come to really like the Stren Crappie in 2Lb, it casts and ties well, is easy to see and a 3rd of the price of the high end JDM.
Just my take on it. There is some nice stuff out there these days that won't dent the wallet too badly.
Bob