Is Taking A Generic Multivitamin Better Than Taking No Multivitamin At All?

Yes, and no.  It comes down to a balance of garbage vs. benefit.  I stay away from most generic multivitamins for two reasons: (1) Fillers and (2) lack of regulation.

Fillers
Look at the label on your generics -- most of the time you'll find soy, corn, and artificial food coloring.  If these are there, please don't take them.  You could be making your body more toxic than it already is.  I believe that this is the reason for the results of the recent study in vitamin poppers.  They found that those who regularly took a multivitamin had greater mortality than those that didn't.  Especially stay away from anything that has trans fats, or "hydrogenated" anything on the label, as well as magnesium stearate and titanium dioxide.

Regulation
As was covered in a previous post, there isn't a lot of regulation for multivitamins.  Meaning, you can't always be sure that what is on the label is what you're getting.  For this reason third party testing is absolutely vital for any supplement you're taking.

Bottom line, if it was me, I wouldn't take a multivitamin from a no-name company.