I have shot Aimpoints and I have shot cheap clones.
The problem for me is that at 1X power, there is no focus, and the red dot is blurry.
The other problem with cheap optics is that they are unreliable. I started out with Asian optics 12 years ago, but now I am only buying Burris and Leupold.
I think Ken's web site is funny:
http://www.charm.net/~kmarsh/scope.html
What to do with a Cheap Scope
Put it on a .22LR
Not a bad idea, but you'll probably need small-base tip-off rings in one-inch diameter, which run $20 to $24 dollars, more than half the price of the scope! Often, it's cheaper to buy a full-size type base and use the existing rings.
Before mounting, the scope should be adjusted for 50 yard (or less) parallax. J. Clark used to have an excellent page that described how to do it yourself. Since this link has long been dead, I've tried to duplicate it as best I can from memory here. Most scope manufacturers (that have a US office) will do it for you, for about $10.00. I strongly believe in sending the scope back to the manufacturer, because I think that they should see the cheap stuff that they make coming back to haunt them over, and over, and over.
Put it on an air gun
Not a bad idea for pneumatics, except for the cost of the rings, as noted above. For spring-cockers, though, their unusual recoil dynamic destroys even expensive scopes.
Make a lamp out of it
Just be careful when drilling though the glass not to cut yourself.
Give it to the kids
Just remind them of local ordinances concerning peeping.
Put it on a gun for sale.
Just be sure and blame someone else for actually buying it, and putting it on a really great gun.
Give it to someone you don't like
You're doing them a favour, they need to learn all this stuff too