I have never played golf, so my opinion is not completely informed...
In pool you can buy a decent $100 cue, replace the tip once a year, and hold the stick together with a rubber band in the trunk of your car. You can also have 5K in equipment on you when you enter the pool hall. This is just players, collectors will of course have many times that invested.
In golf, you can probably buy a set of Wilson clubs for $100. Buy the cheap balls. Like pool, you can also have 5K in your bag when you go to the course.
So the equipment seems to be a wash. You can make it as cheap or as expensive as you want in either sport.
Probably the biggest difference is what it costs to play. In both sports, you can find places that will cost less than $5 per hour. But the max on pool might be $20 an hour, where as the max in golf might be hundreds an hour, if you are in an exclusive golf club.
I think you can take lots of sports, and play them on the cheap, or the SUPER expensive, depending on how caught up you get in the equipment and where you play. Its really up to the individual which way they want to go.
I also don't think the cost you pay has any bearing on the quality of your play in most sports. We've proven this time and time again in pool, and I would bet the golf specific forums have had the same discussions there as well.