GRJ, didn't you post a picture of a can of worms? Get out the can-opener!
All meters, irrespective of price, will not accurately measure voltages under certain circumstances. Or in some cases the measurement does not represent what you think and/or what is useful for troubleshooting. This is increasingly the case with modern O-gauge electronics. Your chopped AC waveform is a classic example. Here are a few more:
- Put just a diode (rather than a bridge) to convert track AC to DC. Measure the voltage after the diode using AC or DC. This conversion is used on many simple train LED circuits. Show me a meter (true RMS or not) that accurately measures the voltage.
- Measure the pulsing DC voltage used in MTH PS2 to drive the constant-brightness lamps. The bulbs are 6V and brightness stays constant as you change track voltage. Show me a meter (true RMS or not) that displays anywhere near 6V or that displays a steady reading as you change track voltage.
- In conventional track control, push the bell or whistle button which puts a DC offset on top of the AC voltage. Show me a meter (true RMS or not) that accurately measures the voltage.
And so on.
It can get quite confusing understanding the capabilities/limitations of something as "simple" as a multimeter. But if just starting to dabble with electronics via a passenger-car LED conversion project, the "free" Harbor Freight meter will make the relevant measurements....in my opinion.