Ah yes. Since I first posted, I have been down to the store and purchased the $30 bit. Immediately, I noticed that it was shorter. Obviously the toolmakers have decided that there is a limit to how long a thin router bit like this should be. Being shorter, it's bound to be less easy to break. Also, it's much better made. The cheap ones were only machined on the shaft and the cutting faces, with the rest painted, but still rough. This $30 one is machined all over, and the cutters on the end have a different angle. A much better device.
...and, I finished my truss rod channel without it breaking. I was very careful, of course, but I was being careful with the cheap ones too. Looks like the money is well spent. Hopefully it'll do many truss rods for me!