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retrolefty:
Well to get this thread back on subject, here is a very cool thing I picked up on E-bay a couple of weeks ago. It's a 328P based component tester that really is a useful piece of test equipment. It uses a simple 9 volt batter for power with auto turn-off for long battery life.

So while a decent DMM is still the first peice of test equipment a begineer should get, this could very well be the second best thing to get. If you have any questions let me know.

LCR Meters & Impedance Analyzers for sale | eBay

That is a cool gizmo!
How well do the measured results fit the expected values?