I started riding this season. I picked up a CL-16. Paid $100.
DOT Approval is DOT approval, and the CL-16 (I believe) even meets the higher SNELL 2010 standard that some much more expensive helmets do not. Therefore, technically, my $100 helmet is safer. I fully realize that more expensive helmets may have better air-flow; or be lighter; or be more aerodynamic; or use better materials on the inside, but as first time helmet (when I just bought a bike, and the rest of my gear) I'm happy to have only spent $100. I am not planning to be riding in the rain, or cruising on the highway for long distances. I do believe I bought a helmet that suited my application quite well.
Above all, however, if a $400 helmet is the ONLY helmet that fits your noggin' properly, then you're better off biting the bullet, than spending $100 on a cheap helmet that just doesn't fit right or gives you a migraine.