I have the red sea master kit, and it works OK. Though, I almost never do any testing anymore. I use EI and large water changes, this lets me skip most testing. I use mist CO2, this lets me skip monitoring CO2 levels. In fact, I judge CO2 by algae growth more than anything.
My larger tanks have the Seachem in tank Ph tester, these seem to work well enough to monitor overall stability. Other than that I occasionally test the Kh to verify it's stability.
Now, if there is a problem, I will test everything possible. I should mention that I keep a notebook of observations and test results with over a year of data in it. It is the review of this data that has given me the confidence to skip the constant testing.
I think for most people who do not have lab or other specific metrological experience that most of the test results will be heavily skewed by the tester (reproducibility).
A few things that can influence tests:
time of day sample was taken, Consistent location and depth in tank for sample, Time from tank to test, Age of test chemicals, Accuracy of sample water size, Accuracy of the test chemical volume as added to test tube, Color of light used to observe test, Background color used to observe test, Distance to background used to observe test, Color sensitivity of viewer, Angle and Distance of viewer to tube and reference card, Time from application of test chemicals to observation time, temperature of sample water, and test chemical, and room, etc..... this list could go on for a while.
Interested in how accurately you can use a test? There is a simple study called a Gage R&R (repeatability, and reproducibility). It will take some work, but you only go through this series once and it will tell you a lot.
In it's simple form a GR&R basically consists of taking 5 consecutive measurements on 2-9 separate occasions, and then plugging the results into a formula. (the link below has a spreadsheet that does all the math for you).
Taking Ph as an example because it is the most common test most folks use. Ideally, you would buy a gallon of bottles spring water from the store and use it for the entire series of tests. This should give a reasonable constant sample to work with so that you are only focusing on accuracy of the test and the tester.
You would using this water do 5x Ph tests in a row and record the results. Do this at least 2 days in a row to get a total of 10 measurements. (minimum)
To really get good data, you should do this 3 days in a row, on 3 consecutive weeks. Sounds like a lot, but again you only ever need to do this once.
Plug these results into the spreadsheet. The results in yellow at the bottom of the spreadsheet will give you an idea of how closely you can rely on your test results.
http://webpages.charter.net/zezmo/Gage_R&R_for_aquarium_v1.xls
Note: A gage R&R looks at variations in the test and tester, not the actual test accuracy. Accuracy can only be verified against a reference solution (calibration). However, without repeatability, and reproducibility the actual accuracy of the test does not even come into play.