Hi Hugh,
Welcome to the cynical “world of disappointment club”. Regrettably just because it is a nicely ground collet, it does not mean it is a nicely ground accurate collet.
Luckily for our end of the market, if you use a slightly naff collet in your mill you will not notice it. The odd thou or two run out of a cutter will not show up because you will almost certainly measure what you are making and alter the cut accordingly.
CNC machining folks might have a different idea, but if they can afford CNC machinery they can easily afford top quality collets to match. (if you detect a note of jealousy, you are clearly quite perceptive)
Where cheap and nasty collets are a real pain, is when you use them to hold work in your lathe. If the collet is not concentric it defeats the object in having one. The only exception to this is if you want a firmer grip than a 3 jaw can give. Even a dickey collet will hold work more firmly than a chuck, great if you want to cut a large and coarse thread with a die.
The voice of experience has spoken.

chriStephens