Yup. I just piggy back a bunch of cheapo powerstrips and since I cant access all the outlets on them, I'm not risking overloading anything. I've been using one of those current ones for a bit that came w/ my sunpod. It seems alright. IMO nothing beats the mechanical Intermatic brand timers from depot. They are very tried and true. Make sure you get the ones with 3 prongs, though. Intermatic also makes digital timers available at depot which I have also used and are very good once you can figure out how to program them.
If you have the loot for it you could get a digital controller for your reef like a reef keeper or aqua controller. They can act as timers and do a whole lot more like monitor/control your PH, act as a wavemaker, control your ORP via ozone, etc..