However, the most important thing is familiarity. I've been using these bad boys since I first started playing the game 10 years ago, and I know them like the back of my hand. If I'm on the fringe of the green, there's no club I'd rather have in my hand than my trusty 7 iron (and we all know the short game is most important).
As for distance, I get a solid 260 out of my driver. Would I get 285 with a better one? Maybe, but I honestly doubt it would improve my score that much. Besides, I don't play competitively anymore. So what if I drop a stroke here or there because of distance? I like my clubs, they treat me well, that's what's important. I suspect I'd struggle at this point with "better" clubs.