Can't expect absolute accuracy from the cheaper units, in fact I think it would be very much of a dark art to try and determine the true content throughout a substantial block of wood that had been home dried with any system, but I find the one I have very reliable for giving me an indication as to when it's safe to start turning and even when it's safe to move into a drier area without risk of undue splitting.
Even then it is more of a feel for the particular species, I can only conclude is based on passed experiences but I would be pushed to write a rough guide let alone a definitive one as to why I feel or find it safe to work a piece at a particular level.
Often if turning thin the action of cutting and finishing disperses a considerable amount of the residual moisture.