I used to work in theatre's and clubs as a technician mostly lampie with some sound, so I'm very familiar with DMX (it's currently an ageing industry standard for lighting control). I've not come across DMX in the home, but I suppose in theory it would work, but there's some reasons why I'd think it unsuitable.
The main reason would be that DMX can only, and only designed to, work from one controller (There are times in the industry where this is not strictly true, usually involving 'sub-mixing' it can get quite messy). I suspect there are solutions which involve several units that all talk back to one main controller, but if this is the case it would seem more appropriate to go with a centralised HA system.
DMX is designed to be always sending data, and it will be doing this regardless of whether the light is on or not. It doesn't just send the command and then be done with it, it is constantly sending out 512 values (ranging from 0-255 for each). Unless you require a lot of changes and are planning on hosting a rock show or dance floor lighting then it's a bit of an overkill.
One thing I've found in my time is that you certainly get what you pay for in terms of DMX, you've mentioned cheap, but I'm sure you will have seen the other side of this also. The cheap dimmers will be fairly unreliable and will produce poor dimming ramps (I don't know if this would irritate you, but it certainly would me). Obviously this more noticeable on stage where there is more importance on the quality, but it's worth mentioning.
Also, and I think this is the biggest issue, DMX is a protocol designed for daisy-chaining, which is fantastic for it's original purposes as on a stage lights are usually in proximity to each other and a star type topology would be a ball ache. For the home though, maybe not so good. It also introduces more opportunity for failure. However, I guess that in a house set-up you'd possibly run a separate DMX line per fixture.
Just my two pence. As I say, I've not seen it in the home and my experience is with many hours of putting together and taking apart DMX systems as well as using them in high pressure situations in front of hundreds of people at a time.