This add says these inexpensive Milanese loops are made of woven stainless steel. So does that mean they are a just as good as the Milanese loops Apple sells?
OMG no! It means they're both made out of some type of steel, it speaks nothing to the quality of the steel or the craftsmanship that went into making it or whether the design fits properly with the watch.
To turn your question around, the cheapest Android phone has a flat, rounded rectangular case and a glass front, just like an iPhone - does that mean it is just as good as the phones that Apple sells?
The connectors on the non-Apple one that xraytech posted look positively hideous.
I have a Spigen-branded knockoff of the Milanese loop, in space gray (from back when Apple only had the shiny silver Milanese loop), that I got off Amazon for around $20. The connectors and craftsmanship are pretty good. If you search this forum for "Spigen" you'll see lots of positive comments about them.