I've been through a few saddles and a vat of chamois cream. The cream is helpful, but the right saddle is definitely worth the $$$, imho. It's time consuming to find the right one, but to be in no girly-bits pain at the end of a 65 mile ride is a good thing.

I've been able to re-sell all of my saddles, via craigslist or friends here on the board.