I've been trying out a few different multimeters and have noticed that the cheaper ones don't seem to give forward voltage beyond much over a volt. They'll show around 1.2 V forward on a series pair of signal diodes, but, though they'll light even blue and white LEDs, they show "OL" as the forward voltage on even a red LED with around 1.7 V forward voltage. More expensive meters will show forward voltages even up around 2.5-2.8 V (IIRC) for the white and blue LEDs (as well as lighting them up, of course).
Is being unable to show >= 1.5 V (or whatever) forward voltages on diodes likely to be a problem, or even an annoyance for people doing electronics? If so, for what kinds of activities (beyond, e.g., sorting large piles of diodes) is it likely to be annoying?
And how does the forward voltage test work, exactly, anyway?