We buy a lot of generics and store brands, especially the "premium" store brands, which are sometimes actually better
than the name brand equivalent for less money.
Some name brands are just better. I love Heinz ketchup and now that they have the Simply Heinz version (with sugar instead of high fructose corn syrup), I won't buy anything else (I was buying the Whole Foods one, but Heinz tastes WAY better). Ditto for Coke now that Mexican Coke (again, sugar instead of HFCS) is available at our Stop n Shop.
But for most things, I think buying name brands is just throwing money away.