Probably the best approach is to save the money and spend it on something more useful like a chrome muffler bearing.
As far as checking the actual oil level is concerned, the standard dipstick you already paid for in the purchase of the bike does a fine job and doesn't require batteries. It also doesn't give bogus readings as long as you wipe it and reinsert it before taking the reading; the electronic ones often give erroneous readings. They also seem to have a fairly poor reliability record, just like the earlier temperature only versions.
If you want to check oil temperatures (can't imagine why, since you can't do anything about it), by far the best approach is the dash mounted gauge which allows for continuous and real time readings. No batteries required either.
Jerry
The Jerrys are in total agreement. I've made this same statement. I've got enough to be paranoid about while riding a Harley without having to be OCD about the oil temp. I did have one of the digital dipsticks on my '07 for a while - mainly so I could check oil level easily. But like you said it never seemed to work exactly right and it did not last all that long. Big waste of $$$ imo. Now what is the part number on that chrome muffler bearing? It must be so new it is not in the 2011 P&A book, lol.
Jerry