Depends what you're trying to do. If you're just measuring current then a multimeter is probably more accurate, but if you want to measure power then a multimeter is inappropriate because it can't measure power factor.
From what I read the Killawatt is not very accurate. I've never tested one myself though. For power factor you just want to make sure you have a true RMS meter.
The killawatt I recollect was just a simple shunt design, it's generally speaking no more or less accurate than in-lining through a typical dmm given that does the same. I don't know how good these cheap clamps are, hard to imagine it's any better.
Isin't that what a true RMS meter does though? I thought that was the whole idea of getting one, so that the amp reading you get is corrected for the power factor.
True RMS is for non-sinusoidal waves, not the same thing as power factor for nonaligned V/I waves.