Cheap can be anything questionable, lower price, or from a brand that's never been heard of or has an established reputation, yet.
With that in mind, there's only a handful of companies that actually manufacture PSUs for everyone else - sometimes with a reference design, sometimes to one of their buyer's specifications. Buyers that want higher quality (because they back the unit with better warranties) usually demand better internal components, even if they're using a refernce design for a specific output. This is easy to see, if you were to take an Antec and an OCZ 650W unit apart (alothough identicle on the outside), the internals will be different.
As well, a more powerful unit gives you more headroom, and leaves the PSU not having to work so hard to power the system - which drastically extends the units life. If it's only operating at 70% load, it'll last longer than if it's running at 90%. As well, should you decide to overclock, you have headroom available . . . and should a component start to fail and pull more power than it needs, it won't overload the PSU (in most cases). If the unit is running much harder load, it will heat up - which increases both case temperatures (drastically) and can lead to overheating the PSU.
Sure, for example, for the vast majority of systems a 1kW+ unit is simply overkill - but if you're running a quad, DDR3, two or more GPUs, numerous SATA drives, etc. even under ful system load you should still be within the 80% PSU load range (depending). Which is good, both for the unit, and the system . . . everything continues to recieves a constant supply from the unit.
Also of note - most of the truly reliable, high-quality PSUs can take a hell of a hit from the wal outlet, without necessarily taking SYS components with them. Internal protection measures will lead these PSUs to "sacrifice" themselves to save the system.
Either way, do your research between whatever units you're considering - figure out who manufactures them, and if any other brands have had issues with similar models.