I have had good luck with most generics, and I've saved a ton of money! My rule is to try the generic brand, and if I don't like it I can always go back to the Brand Name.
I will purchase some Generic Brands but sometimes it is worth the extra money to buy Name Brand. We bought some Great Value blueberry pancakes once and it was not good at all! We normally bought the Krusteaz brand which we love but wanted to try the Great Value and will never buy it again. Also sometimes generic brands are more expensive then name brands. As far as clothing goes I just can't see myself paying $60 for a pair of jeans. I would have to REALLY want them. I figure I can buy an entire outfit for that price.