Is there really any difference between a $10 and a $50 LED?

Yes. LEDs are very similar to consumer electronics and quality really matters. In order for an LED to function properly and provide an acceptable light output, all of the components must be built to last. It's always a good idea to buy rent a company that you're confident will stand behind the product.

When shopping around for wedding lighting, it doesn’t take long to run into huge variances in price, wattage, and guarantees. Lots of people ask about the differences between them. The fact is, while the number of high-quality and high performance LED products is increasing every day, there are quite a few products out there that just aren’t built to perform!
 
In terms of technology, an LED light shares a lot more in common with a consumer electronics device than it does with a typical filament based light bulb. You wouldn’t have the same expectations of a $30 camera as you would a $300 camera, and that’s a good mindset to have when looking for your wedding lighting. There are a number of components that are critical to a viable LED lighting product, and any fixture is only as good as its weakest link.

The value of a lighting product is more than the energy you save. Among other things, it’s the quality of the lighting that you get as an end-result, and it’s the degree of confidence you can feel that a company is going to stand behind the work and provide you with the look to match your vision.
In this regard, it’s as true in LED lighting as it is elsewhere- You get what you pay for.