Your question is very broad and so if you limit the cue range selection to cues under $250, there's some slight differences in mass production cues. Keep in mind your post, you didn't mention any budget but just referred to a $200 cue.
Any cue under $300 would only have fake bling and certainly no ivory. When your budget is larger, again I have no idea what yours is or what you'd spend on any cue regardless of the cue-maker, the differences in cues, mass production or custom cues, become much more significant, especially with the custom cue market where the cues in general, and truly with the fancier custom cues, can cost thousands of dollars. So you betcha..........there's a difference between a $500 cue and a $1300 cue and a $3000 cue. This applies to the cue's feel, its balance point, possibly using ferrules, the wrap type & quality, the general quality of wood, particularly the shafts' wood & weight & taper, the cue tip brand. IMO, the joint type is the most important feature (wood, phenolic, steel or ivory -flat, piloted, collar, etc.). The aforementioned probably doesn't probably help you with your question but there's a lot of design considerations and cue building experience that goes into custom cue-making.
Allow me to offer you an example. This past July, I ordered a custom cue which will not be completed until next March (2014). However, the cue is exactly what I want in terms of the cue engineering and appearance. Now let me admit at the outset that I'm paying for the bling in the cue so the price of my cue is going to be higher since the bling is real. There's something like 56 or 58 ivory inlays in the forearm and butt sleeve, It has an ivory butt cap and flat ivory cue joint & ferrules. IMO, only the ivory ferrules and ivory joint affect playability and so there's some modest additional expense for those two specific features I want in any of my cues and the rest of that ivory is "bling" for the overall look of the cue design. So you can see I'm paying the cue-maker for the cue's artistry which doesn't make it play any better, or any different, if it wasn't in my cue. The inlays were important but so was the overall design.
None of the above, aside from the ivory ferrules and ivory cue joint, has anything to do with playability or feel............only the cue's appearance is affected. It's totally self-indulgent on my part but many of us have things we occasionally splurge on from time to time. It's been a couple of years since I bought my Mottey cue and so I don't make this a regular habit. Again, you may not like to playing with ivory ferrules or ivory joint but hands down, the undeniable truth is these features definitely affect the feel of the cue in the player's hands......and feel is so critical. The last major big difference with cues involves the quality of the wood used for the shafts........the type pf wood, age of the wood, weight of the shafts. etc.
By the way, my cue-maker just glued the 5 veneers for my cue design this past week and my cue isn't going to be finished until March 2014. There's a lot of assembly and apparently multiple, intricate phases of gluing, and extended drying periods. There's many hours of work involved completing some cue designs which is why custom cues can cost so much. The sad, underlying truth is there are guys here on AZ that would drill me in a match even if I picked the worst house cue I could find on the wall at a pool hall for them to play with. The reality is equipment does not make up for flawed fundamentals, i.e., mechanics, limited knowledge, or generally poor skills. The cues we all play with does not, of and by itself, empower us to instantly become a better, more skilled players. It merely eliminates all the excuses and makes you focus on playing better.
After all, you can never blame your equipment and what fool wants to look like a duck shooting pool with a stick costing thousands. I mean you had better be able to run more a single rack of 9 ball if you own and play with a fancy Ed Prewitt cue in public, at least in my opinion.