I had one pair and I paid a damn fortune for them (by my standards). They were good boots and I had absolutely no problem with them. What I appreciated about them is the inner sole supports stayed intact and never collapsed. That's what typically goes bad in cheaper boots if you are a bigger guy, (I'm 6'1" & 240lbs). I got about two years of constant wear on the jobsite out of mine before they gave up the ghost.
That said, the pair of Red Wings at $260 (as I recall) didn't really perform any better than the $120 Carhart brand boots or the $140 Georgia boots. So, to answer your question, I think Red Wings are very good boots, but I also think you are paying a premium above and beyond their performance just for the Red Wing name.
ETA: Same deal with Justin boots. If you try to sell me a pair of work boots for more than $300 bucks, they better come with a no questions asked, full replacement garantee for at least five years. Otherwise, I won't even try them on.