I think Mike and I have the same simple $30 label maker. It's perfectly adequate for marking panels. You'll uses scissors pretty often to trim the labels, and the label adhesive usually works pretty good.
Where it falls short is for marking wires, etc. The adhesive just isn't up to the demands 'outside the panel.'
The big advantages? Label tape is cheap, and can be found in any office supply house. While the Brady and Panduit printers have more functions, and better tapes ... so far I haven't felt the improvements justified spending the 5X higher price.
