Generic ram doesn't have any reputation per say...
They range in quality from very good to terrible...
Usually they're OK, but whether you should use it or not depends on what you plan on using it for...
I wouldn't put generic ram into a server, nor for a highend machine, but for a workstation I don't see any problem...
Also generic ram isn't an overclockers choice as they're usually pushed to the limit allready...
The pro of generic ram is that it's cheap...
You don't pay for a brand name, but you don't get the reputation/guaranty of the brand either...
If you are on a budget, going with generic ram now, and upgrading to a brand name at a later time is what I'd do... But if you have the cash for a good brand name (crucial, kingston, etc), then go for brand...
.02$ (did this make any sense?)