Even as one who generally follows the rule in "you get what you pay for" when it comes to tools, a range box is one place where a cheap digital multimeter is probably more than adequate.
Case in point, I have a high end Fluke DMM. Very nice, totally reliable, - a true professional's tool (and at a previous point in my career, it was a good tool for my profession.) In my kick-around tool box, I also have a DMM that I bought at Harbor Freight for, get this, $3.99. Yes - less than four bucks. It does things like measure voltage and continuity, resistance. I've had the thing for years and it's never failed (though I would neither be dissapointed nor surprised if it did). For rocketry, what type of things are you measuring - nothing that is at all "critical". I.e. is there battery voltage - yes or no? Is there continuity - yes or no? Maybe an occasional resistance measurement, probably only critical to a few tens of percentage points, at best. Conclusion, for these types of tasks the cheapo unit is very suitable, and I don't need to worry about babying a $200 DMM that will get abused in my range box (or get caught by some sticky fingers.)
(BTW, I occasionally compare readings of my HF unit against those of my Fluke and get a big kick at how **** close the readings actually are.)
) If I was doing 'real work' I probably would invest in a better model. But as limd21 sez, it's perfect for the field. Wish I'd bought a second so I don't have to keep movin' it around so much 
