I am not really an expert on tyres, but can I just say that the Pirelli Pzero Rosso tyre is a top end tyre. I had these on my last two caR's and they where awesome. Very sticky tyre, lots of grip. They seem very underrated by most people, not sure why. I suppose folk don't like paying high price for a top end tyre, when they can get a budget tyre that will (in their mind) be just as good. I never had any problems with these tyres, only that when the tread got to over 2/3 worn, standing water was a little interesting, but in a car weighing almost 1700kg and AWD, I had no worries.
So to answer your question, the Rosso's are not a budget tyre, its just that Michelin is just way over priced (IMHO). Have a look on Tyre Review website:
http://www.tyrereviews.co.uk/I have Dunlop SP SPort Maxx and I find them fairly good. But a tyre I want t try next is the Goodyear Eagle F1 Asymmetric 2.