The old USA-made Allen tools were Danaher's "light industrial" tool line, the little brother to Armstrong tools. Allen was analagous to Proto's Blackhawk line and Wright's Cougar line (FWIW, Wright Cougar is produced by Danaher and in many cases the tools are the same as Allen tools). Allen tools are also identical to some Craftsman, Kobalt, and K-D tools. This is especially noticeable in the ubiquitous Danaher pear-head ratchets, a staple of the Allen line.
I use a couple Allen (and K-D) 3/8"-drive metric socket sets, a 1/4"-drive metric socket set, a metric combination wrench set, a ton of hex keys, and some random screwdrivers, chisels and punches, and pliers. They are my "driveway" tools, the ones I don't mind using out in the rain or at the junkyard. They lead a tough life - I just today beat on one of the socket sets while replacing a pinion seal and disassembling and regreasing some rear brake calipers. I've never had a problem with any of them, they are tough tools. Their hex keys are, as one would imagine, just as good if not better than anyone else's. Even the pear head ratchets, which so many seem to dislike, have served me well.
That being said, I think the Allen line (and K-D line, apart from automotive specialty tools) has been discontinued. Some of the Allen metal-box socket sets ended up in the Armstrong catalog, but the rest of the brand as we knew it is finished and has been replaced with very cheap Chinese import tools - probably specifically targeted at places like Menards. Some of the old USA Allen is still available from closeout vendors such as cripedistributing.com, where it is very cheap and is a bargain. I think I paid something like $18 each for my two 3/8"-drive metric socket sets (10-19mm, 3" and 6" extensions, 5/8" spark plug socket, and pear-head ratchet, all in a metal box) - cheap enough to keep one in the trunk of both my classic cars.
It's sad to see another American-made brand die off, but it's clear that Allen was in fact redundant within Danaher's brand portfolio. The full list prices weren't really much lower than Armstrong anyway. At least the tools they did make will still be working for years to come.