Depends on the situation. If I'm unarmed and by myself, like out for a stroll or at a party or something, and somebody pulls a machete, then I'm going to run the other way if possible. I'm not going to stick around long enough to see what brand of machete it is, what quality, and if its sharp or not. If I'm out with friends/family, I would have to try and protect them somehow, and the quality of the machete might come into play. If I'm at home alone, I arm myself with one of my own blades/any other weapon available, call the police, and either try to escape the house or lock myself in a room until the cops arrive. If my roommates are home, then I arm myself and my roommates if possible, call the police, and try to incapacitate, kill, or drive off the intruder. If I were the aggressor (which is highly unlikely since I don't rob/assault people or pick fights), then I suppose it would depend on why I was attacking this machete wielding dude in the first place. All of this is assuming that I don't just freeze up as soon as I see the blade and get chopped in the face or something.
So TS, I think that your shitty machete should be enough to scare off most people...except the ones that are crazy or dead set on robbing you/doing you harm, in which case you will have to defend yourself with a weapon that you don't have much confidence in. A cheap machete is better than no machete at all, but I would recommend that you get yourself a Cold Steel machete. It feels really solid, has a non-slip handle, is very sharp, and only cost me a little over $20 Canadian.
