Disclaimer: I'm a relative newbie myself, so don't take everything I say as 100% accurate.
That said, I've pondered over this topic quite a bit over the past several weeks. While I don't know about the water filters at Home Depot that you referred to, regarding RO vs. tapwater, the quick answer is, "tapwater probably contains all sorts of nasty stuff that may harm the residents of your aquarium, especially if it's a reef tank."
From what I can gather, the vast majority of reefkeepers use RO, but there are some FO / FOWLR-ers who use tapwater.
Is your tapwater suitable for SW aquarium use? You can take a sample to a fish shop to have it tested (or test it yourself if you have the kits). When I did this, my water had a nice high pH and no nitrates (good), but very high phosphates (bad... causes algae blooms). I could have run phosphate remover in the sump, but I decided to go ahead and install an RO/DI unit to remove source water quality as a potential problem-causer. I'm new at SW aquariums... I need all the help I can get!
So, the bottom line is that if you are on the fence as to whether or not to get an RO/DI, have your water tested and/or contact your local water company to find out what's in your water, then you'll have the info needed to make a decision.
If you do decide to go RO/DI, units can be found on eBay at very reasonable prices. I picked up a 100gpd unit for about $100 from
this seller.
--Mike