For just a components/frame comparison, I'd say you get more return for money spent on components. The components make the bike go, stop, hopefully in time, give you a way to control the bike and a place to mount all kinds of cool gizmos and give you somewhere to sit while you're doing all this. All the frame really does is hold everything together. For more money spent on a frame all you get is lighter weight and maybe, maybe not, stronger and more or less flex.
In other words, a good frame with low end components is going to pedal, shift, brake and handle like a low end bike. A decent, but relatively cheaper frame, with better components is going to behave like a better bike.
I vote for a middle of the road frame and better components.🙂