A generic DVM810
http://www.gibsonteched.com/vdvm810.html is the mini that I have. No, not professional grade, but it has been reliable and it does the basics, and then some. These things are all over the web for under $10. I have a beckman 310 as a beater, and it does the basics (plus handles AC like a champ) but I think something is funny with it. My main meter for guitar wiring and cable building has been a Micronta 22-182 that has loads of bells/whistles and yet I still use the same few finctions on it 99.99% of the time. Yes, I have a beautiful Fluke bench meter that is beautiful because it lives in a box.
I agree with the post about just needing a continuity "beep" function, but I am a dork and still want to see a ohm value, but the beep-test can be handy. I got by for a long time with a homebrew continuity probe made from a AA batt holder, a alligator clip lead, a mini bulb, a ballpoint pen barrel, and a chunk of copper as a feeler. You could go hog wild with features, but how often they would be used is another matter. A capacitance meter wouldn't be bad, but you are usually paying a lot for something that might be useful, some day, maybe.