If you pick up one of Cal Ripken Jr.'s bats, odds are you're still not going to be able get as many base hits or home runs. Same goes for fly rods. The only thing that makes you a better caster is casting.
And just because you're a good caster doesn't mean you are going to catch more fish. Fly fishing is a complex and confounding habit, and one that's probably not possible to break.
The thing about fly rods is the one you like is the one you like and cost is not the overriding factor. I own about 40 fly rods, and there are a few others I'm thinking about getting, but there are only about three or four I fish with regularly.
How to pick:
1-Find out your preferred action. I like a very slow, soft action because I find it more forgiving and the fight is better for the small fish I mainly catch. Most of the guys I fish with prefer fast action, but they go with low-weight lines to get a better fight. Where I'll be fishing a 10-foot soft at 5/6 weight, my buddies will be at the same length but with a 3/4 weight. Don't presume you will go with a moderate action to split the difference. Find out what you like to fish with and buy that action.
2-Start low. If you're new to the sport, go with a moderately priced rod at the action you prefer. There definitely is a difference between a $100 rod and a $500 rod, but if you start with a $500 rod, you'll never be able to feel it or appreciate it. Also, if you start with a $500 rod but it isn't in your comfort zone for action, the experience will be doubly bad -- poor fishing, and the sour feeling of a bad buy. On top of that, there's no guarantee that if you spend $500 or even $5,000 on a rod you'll be getting quality tackle. I've been to shows and seen some beautifully made custom rods in the very high end and when I pick them up it's like holding a broom stick. Likewise, as has been noted in previous answers, there are some very nice rods in the low price range. Personally, I really like some of the Bass Pro / Cabela's store brands.
3-Consider all your options. When you start looking in the $500 to $1,000 range, you are getting to a place where you can have a rod custom made just for you. It's an option you should consider, but like anything else, just because it's custom made for you doesn't mean it will be perfect for you. Best to find a custom rod maker from someone you know who has had a rod built by that person. Also, consider building a rod yourself. There are some great rod builders in Pa who offer classes. Ron at Hook and Hackle comes to mind. He is a world class builder and has won some pretty impressive awards. Plus, he's a super nice guy.
4-Don't forget to go fishing. Find some spots close to home where you can get out for a few hours after work during the summer and in the middle of the day in the dead of winter. All rods work best when you fish with them.
Good luck and watch for more advice. Good perspectives on this site.
