$400 will buy you a middle-of-the-pack rod these days; think $800 for the "good stuff". The great thing about being a mediocre caster is I don't notice the difference between high-end and what I have (older Sages and inexpensive blanks I've built). As far as reels go, if you're not fishing for saltwater burners (like false albacore) or tailwater pigs, you probably don't need to invest much, although if you do hook a nice one and your drag hitches you'll beat yourself senseless.

Regards,
Scott