Cheap engines and expensive engines both actually run well once they're broken in and tuned properly. Expensive engines hold together better over the long haul and usually don't require minor maintenence as often.
My O.S. Max engines (2 .46 FXi and 1 .46 FX) bolt together then stay bolted together and then they just run and run. They also break in and tune easily.
My GMS .47 engine took longer to break in but ran like a scalded cat and transitioned great. The cylinder head bolts worked themselves loose while the engine was in winter storage though, and I've never had that happen with other brands.
My Magnum XLS .52A had an air leak in the remote needle valve out of the box. I moved the needle valve to the forward position and it ran fantastic ever since.
My Thunder Tiger and Super Tigre engines have been terrific so far, but they have low run times thus far.
The O.S. Max .46 AX is worth every penny of the $109.99 selling price that you'll typically find it for. If you'd rather spend less, you can certainly do so and still get a great engine, even while saving $40 or $45.
If I wanted to buy the best .46-size engine I could for the least amount of money, I'd buy either the Magnum XLS .46A for $69.99 or the Super Tigre G-45 ABC for $64.99. The only knock against the Super Tigre G-45 ABC is the heavier-than-normal muffler. The GMS .47 is also an outstanding value at $64.99. I'd skip the remote needle valve version for easier (though more dangerous) and more reliable tuning; it's probably the best choice for maximum speed.
Interestingly enough, the Evolution engines are manufactured in China by Sanye, the same company that manufactures the Magnum engine line for Global Hobbies. GMS manufactures the GMS, Tower Hobbies, and Super Tigre engine lines in China. Each brand is manufactured to different specifications however, and it doesn't necessarily follow that the Evo line is the same as the Magnum line or that GMS engines are the same as Super Tigre.
Nobody has even mentioned the Aviastar .46 BB ABC engine available from Sig for $59.99 or the SK .50A at $59.77 and the JBA .46A at $69.95 both available from KangkeUSA. All of these engines have fairly good reputations for quality as well, but suffer from more limited distribution.
The MECOA Aero .46 avaiable from
www.mecoa.com for $79.99 or $59.99 with trade-in is also a terrific, screamingly fast ball-bearing engine. MECOA also sells a number of K&B engines like the .46 Sportster and the Screamin' .48 in this size range.
You could buy an O.S. .46 LA for $69.99 and get a top quality engine even if it's not the most powerful one in the size category in question. The $49.95 Super Tigre G-40 ringed engine is a steal for the price. The Thunder Tiger GP-42 is a top quality plain-bearing engine in the $59.95 to $62.99 price range; it's often overlooked because shoppers assume it's similar in power to the O.S. .40 LA when in fact it is much stronger.
There are so many great choices in this engine segment that it's hard to name them all. Anyway, like I was saying, I'd probably buy the Super Tigre G-45 ABC...