I bought all the live rock from a person tearing down her tank because she couldn't keep any corals alive and she was tired of throwing money at it. Well, I tested some of her water and it was at 1.045!!! To bad she went cheap on the hydrometer.
If you spend $50 on corals and they die because of the salinity being out of wack, you could have bought a refractometer and had good results from the get go.
The most improtant thing is to have consistant salinity, which you can accomplish with a hydrometer and most of them are probably pretty close to being correct, but a refractometer is so much easier to use and in my opinion its just worth it. And I'm not saying a refractometer won't every have any error, but I'd be soo much more confadence in a refractometer than I ever would with a hydrometer.