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Dremel is the most established brand name, by far, but they aren't necessarily the best. Not anymore, at least. Their accessory range is huge and the quality is decent, as it is with their higher end models, but you pay a premium that may or may not be justifiable. It's their entry level models that have really suffered, of late. Cost-cutting in production has led to a significant drop in quality control - look around online for product reviews and you'll find tons of people complaining about faulty speed controls, etc. - without the cost of the tools following suit.
Sure, the cheapo, no-name rotary tools don't compare to a working Dremel (if your tool does end up working), but there are other options of significantly higher quality and significantly lower cost, if you look around a bit. I wouldn't expect the tool you linked to last forever, but it should be fine for light hobby use, at least for a while. If you do need to replace it later or go for another option, initially, I'd simply advise you to look beyond the Dremel. You can get more bang for your buck or simply more bang, depending on your needs.
For example, I don't just work on miniatures, so I wanted a rotary tool that was up for some heavier lifting. For the cost of the most bare-bones variable speed Dremel, I got a Black & Decker RTX with variable speed (3 speeds advertised, but that's simply where the dial locks - it's a full range internal rheostat), double the torque, and far sturdier construction, a handful of bits included with the tool, and a flex shaft (not Dremel brand, again - cheaper and works just as well) for tight quarters and reduced hand fatigue when doing detail work. Not a bad deal, I'd say.
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