Depending upon what membrane you have in the RO, your "finished" water should read 2-10% of your input water. So If you have a 98% effecient membrane and tap TDS of 250, your post RO TDS should be 5. By monitoring this, you can tell when your membrane or other prefilters need to be changed.
If you have a DI stage, your post DI reading should be 0. Monitor this and know when to change your DI resin.
Basically, the only way to know if your RO/DI is working is to monitor the input and output TDS. So yes, they are very useful and most reefers use one (just another thing in the long list of things you didn't realize you'd need when you decide to start this hobby...).
A $20 meter would probably work, but who knows how long it would last? I think if you get up in the $50 range you can get a fairly reliable meter.