http://www.minipachina.com/products-16893-5714-item-17432.htmlGot mine from DealExtreme for $38.29 so this falls into the Sub $50 range
http://www.dealextreme.com/details.dx/sku.42269 Quite a few user photos there too.
Has the usual Volts/Amps/Resistance stuff. Resolutions for each mode are on the minipa website. Also does capacitance, frequency, and duty cycle.
CAT II 1000V rated meter.
Test probes are CAT III 1000V / CAT IV 600V Rated. Mine also came with the temperature thermocouple. The carrying case is a nice touch. It's not padded but it'll protect your meter from scratches etc.
Dave will be disappointed to know the short circuit tester/buzzer is latched and has a bit of a delay. The fuse is not accessible without dismantling but the main fuse is "resettable". The screw for the battery cover has a threaded insert
The autoranging is reasonable. It's not instant but it usually finds its way within a second. Backlight is white and lights up the display quite evenly.
Now, time to tear it apart
Back Panel Off
Front of PCB (LCD lifted and hinged on the LED backlight leads)
Where the action happens
Main IC FS9922-DMM3
The entire package
All up I'm pretty happy with it as a cheapy meter. Nothing about it annoys me. I don't have a Fluke or anything to compare voltage/current readings with but it reads a solid 5.00V on my regulated bench PSU.
I know Dave can't review the many hundreds of sub $50 meters out there but here's another (in my opinion) good option to consider when buying.
Hmmm looking at the datasheet, looks like it also has RS232
Pin 94 Low enables TX on Pin 92. I'll have to take it apart again, but it doesn't look like those pins are connected to anything on the PCB.