Well, if you need ~2% accuracy and the gadget claims 1% that would appear to be suitable.
Perhaps in your application, REPEATABILITY is more important than absolute ACCURACY?
Cheap thermocouples appear to be made from "extension grade" wire vs. actual "thermocouple grade" wire.
http://en.wikipedia.org/wiki/Thermocouple#GradesIt doesn't seem like it would be a big issue to me for hobby-grade experimentation.
I would like to see a tear-down of one of those things. I wonder where they took short-cuts to make the cost so low.
Or maybe the technology is sufficiently mature that it really isn't that expensive.