Odyssey, I pay for quality.
Yes, another $160 dollars ($269 total) is worth it for a stick with that many more axes (its got two more), that much more programmability (no, the Saitek cannot come close to the Thrustmaster for programmability. See below. No other consumer stick does. I've done my research), and the right feel (The Cougar is an authentic F16 stick and throttle, molded straight from the official USAF specifications. Its made of 17lb--yes POUNDS--of aircraft aluminum).
Between the two previous Thrustmaster sticks and two previous Thrustmaster throttles I've owned over the past eight years, I've spent over $600. I run these sticks into the ground. Yeah, it might seem expensive to you, but I don't spend lots of money on top of the line graphics or sound cards, nor the fastest processor, nor the most memory. I save that money for my HOTAS gear.
When I fly, I don't even have a keyboard on my desk, nor a mouse. I put everything into the stick and throttle. My hads are always on the controls--all the controls. I don't have to reach for a keyboard for some obscure command, because its already right there under my fingertips. The X45 isn't capable of that. By losing two hats, you lose 96 possible functions (108 if you map HatCenter, but that's just fruity). With the X45, you don't have the rich programmability. Can you make the trigger ask what particular combinations of other buttons have been pressed? Can you make the throttle react differently based on the position of a hat? Can you convert the X and Y axes to U and V axes with just a button press? No, you can't. Its not possible with any version of the Saitek programming software. It is possible with the Thrustmaster though.
Let me put it in another way, a way a modder might understand. I could spend the money on 3ds Max or Lightwave, or I could settle for Truespace3. Sure, Truespace3 is cheaper, but Lightwave (or 3dsMax) is the Right Thing.
So yeah, the HOTAS/Cougar is worth $269, but the Saitek X45 is not worth $75, my opinion.