Let me give you an example of how bearing count plays little in the difference. Take a reel like the popular Daiwa Tatula, it has 8 bearings installed from the factory. For $5 I can purchase 4 additional bearings and add them to the reel, two in the levelwind and 2 in the knobs on the handle. Now it's the same reel, a little smoother on the retrieve side after replacing plastic bushings with bearings and the bearing count is now 12. While in my eyes the upgrade from bushing to bearings is worth the little money required, it actually does very little to improve the performance of the reel, but now the bearing count looks more impressive to the uneducated.
A good quality reel will use quality bearings in the right places, a cheap reel with a high bearing count is just that, it does not transform what is a poor reel into something special.