The question to ask is weather saving a couple of dollars on silicone that quite likely has mold or mildew inhibitors is worth the potential danger to your fish. Aquarium safe silicone is known to be safe for fish. Gel type super glues are known to be safe.
Agreed, if you were just going into any shop and picking up any tube of silicone and hoping for the best. Certainly, if you don't care to take the time to do your homework, aquarium sealant is definitely the way to go.
However, if you do your research on what kinds of silicone are safe, what's the harm in saving money? (I bring this up because GE Silicone II no longer makes the "aquarium safe" claim, as explained below)
I have used both GE Silicone II (the II is very important for avoiding certain leechable chemicals) and Loctite Super Glue gel, both with great results. Both are completely aquarium safe.
@Gary - I've found that GE Silicone II needs to sit and cure in the open air for a great deal longer than it's advertised/labeled cure time to hold up once submerged in the tank. Another thing to consider about it, is that while it's aquarium safe, it should not be used for sealing tanks, per a specific warning from GE. It's not designed to withstand the water pressure on the tank walls. That's why they took "aquarium safe" off the bottle, not because it's toxic. Point being, in the event you want to seal a tank, actual aquarium sealant is the way to go.
What type of Walmart brand silicone are you using instead now? I'm interested to look into it's safety and effectiveness.