Yes, it's only a cheapy "Bike Doctor" stand, but holy cow, is it worth just having a stand at all, as I would still be looking forlornly at the Mavic GEL280 wheel that I just laced up still wobbling in front of me, not knowing whether to pony up the cash to have it trued and tensioned by my LBS for a big 60+ bucks per wheel to finish up the job and get them road worthy (I laced up quite a few wheels in my time but alwyas had the LBS do the final turing and tensioning). Didn't really want to keep my business away from the LBS, but I figured I already have at least three pairs of wheelsets to take cars of, and I figured that a 52 dollar investment on a stand is more than worth it.
Best thing was, I actually finished truing and tensioning the front wheel of my new GEL280 wheelset within 2 hours first time on the stand. Despite my trepidation about the "black art" that truing and tensioning wheels might involve, it turned out much much easier than I first thought. The secret was to take 1/4 turns on the nipples and not to try and rush the job. Got the wheels tued to very close to zero lateral runout and also very close to roundness. I think I can touch it ou a bit more and get it even better. So, the lesson learned was wheel buiilding can be handled by most bikers themselves just with enough patience and a little investment on a basic truing stand!
Next decision to make is whether to spend on a tension meter. The wheel I just finished seems to be tensioned enough per what I feel on my good trued wheels, but the anal side of me might eventually wrench a few more dollars from my wallet to get it. Any advise on wheter a tension meter is really worth getting??