I want to debug an odd wifi connectivity issue and was recommended to look into a Metageek wi-spy + chanalyzer package which retails at $800; clearly pricey for home use. I wondered if the STH experts knew of any more cost effective solutions which would enable me to monitor for interference etc.
It depends on what you mean by "interference". If you are just talking about competing access points, something like inSSIDer (the last free version was 3.1.3.1) for Windows, or WiFi Analyzer for Android will show you what other APs are broadcasting.
If you're looking for non-AP interference like badly-shielded microwave ovens, you need dedicated hardware as the radios in regular WiFi don't see that as a signal.
Someone may have built something out of GNU Radio and one of the RF evaluation boards. uhd_fft should be able to show you what's active in the spectrum.