The real issue is quality. That factor is easy to judge in person- pick 'em up, check the weight. Better psu's have heftier transformers, chokes, heatsinks, capacitors, everything. So they run at a lower % of their actual max output, and have higher peak output. That's what allows some micro supplies to work as well as they do- they have strong peak output, only required at boot, and enough beef to absorb the momentary heat peak, dissipating it quickly once the system draw settles back to its much lower running state.
The voltage may momentarily sag at boot, not a big deal except with heavily overclocked systems. These are a special case, they need that rock steady voltage instantaneously, otherwise boot failure occurs.
Boot is generally the time any weakness in the psu will show up- as boot failure, or as psu failure. The infamous Deer "POP!" accompanied by a puff of smoke is the worst case scenario.
Modern AMD and Intel systems have somewhat different requirements- AMD boards generally derive processor power from the 5v, while Intel boards use the 12v. Some of the Tweakers' type AMD boards don't use the 3.3v at all, giving regulation problems with some otherwise good supplies, notably Enermax.
There's a fair amount of exaggeration with cheapo psu's, some might refer to it as lying, cheating, stealing or fraud. The notion that you'll get a quality unit when the case is $35 and the same box w/ 450w psu is only $15 more is, uhh, not an educated pov, imho. Everything will be fine, though, for a year or so, and then, one day, you'll try to boot up....