A brand-name multimeter is absolutely worth it.
Fluke multimeters are some of the most reliable out there. They respond faster than most cheap DMMs, and most of them have a analog bar-graph that tries to bridge the graph between analog and digital meters, and is better than a pure digital readout.
Also, one thing that I do not see mentioned, and is very convenient about them is that they run forever on a single 9v battery.
It may seem a trivial thing, but I've used a lot of no-name DMMs, and they all go through batteries every few weeks, particularly if you forget to turn them off.
Flukes, on the other hand, turn themselves off automatically, and I think I have had the same battery in mine for 3+ years.
It's extremely nice to know that your battery powered equipment will just work when you turn it on, rather than having to try and track down the proper batteries so you can take a measurement.