I use craft store paints, too-some Americana, some Apple Barrel, and some Folk Art. They're decent acrylics. I use them on my toy soldiers, including glazing with them (a mixture of Future, water, and a touch of the color). They're good to have as utility paints, too, since they're so reasonably priced. And yes, there is a great selection of colors in every maker's catalog-just as there is among the fantasy wargame products, too. You just have to decipher the names. "What color is Elf Vomit, really?"
The only caveat I have for craft store acrylics is with airbrushing. Yes, they can be airbrushed. But be aware that they typically have more coarsely-ground pigments than paints made specifically for scale modeling, and you can wind up with a rough finish. I found that out when I used some craft store acrylics on a 1/72 airplane. I think it would be possible to correct for that by letting the color sit and letting the larger particles settle out.
But otherwise, absolutely, I use them. I'd say they make up about half of my stash of water-based acrylics, and that's around 30 bottles or so.