I've used generic Pepto Bismol pills for years. There's no advantage besides saving money that I'm aware of, but then that's the whole point behind them anyways. I also do generic Caltrate 600 w/ vitamin D.
The only thing I insist on having name brand is my BC, Depo Provera. I tried the generic once and it was so thick it didn't want to inject, and then burned and hurt when it did finally go in; I had a sore spot on my butt for more than a day. The name brand stuff doesn't do that.
I think Lil was the one who found out that generic brands don't necessarily have the same inactive ingredients, and so they may have a different coating which will change the timing of when they are dissolved. I think it was she who found that a generic version of her stomach medicine didn't work, whereas her name brand version had, and that it was the pharmacist who figured out that the coatings were problaby different and thus the source of the problem. So it always pays to try the name brand of anything first, before moving to the generic to check and make sure the generic works the same (or better).