I think an inexpensive tent will do just fine for the average camping trip. There are so many supplies to buy for camping that I couldn't see myself spending a ton of money on a tent.
We have middle of the road tents. I love the Eureka Timberline. I've had the cheap tents too though. The two big things I can think of are (a) make sure it has a fly big enough to cover the tent. (b) It may require a little more waterproofing.
I don't think you have to buy the most expensive tent out there, but be careful buying the cheapest of all the options. That being said, Walmart has a great selection to choose from.
walmart tents are great all i use but im a tight wad anyway @ least trying to be seam sealer 3 i seam seal all my tents once a yr and my tents dont leak