The FFT function even offers a choice of
windowing functions, here Blackman.
With the aid of the supplied PC program, measurement data can be exported to a PC and displayed on a virtual scope screen, but I have not been able to try this in practice because I was unable to install the USB driver for the scope on my Windows 7 machine.

The operation of the scope requires a little getting used to. Because of the large number of settings and options you sometimes don't know which button you have to press for a given function. The are also many indicators and numbers on the small screen, this also requires a bit of time to become familiar with.

Multimeter

After pressing the DMM/OSC button, the HDS1021M-N switches to the multimeter function and on the display appears an analogue meter dial with the digital value of the measured signal underneath. As with an ordinary multimeter there are positions for V, A and R. With a separate button SET you can toggle between DC and AC voltage/current, while in the R setting this button switches between resistance, diode test, continuity test and capacitance measurement. There is automatic range switching, but you can also change ranges manually. When pressing some of the buttons while in the multimeter mode, there is quite a loud beep; I have unfortunately been unable to find a way to turn this off.

The displayed measurement has a resolution of 3 ¾ digit, but the accuracy of most ranges is only 1% or less. However, for most measurements this is more than sufficient. The analogue indication appears to be a useful addition, and it certainly is when the values do not change too rapidly.

According to the manual the scope complies with measuring category II, so that it is safe to use for all measurements around the house, including mains-powered devices. This is, however, not indicated on the instrument itself.
The multimeter screen also has an analogue scale.
 
 
While the multimeter functions perform their jobs well, you shouldn't expect too much from them. It feels somewhat like of a simple multimeter, the autoranging is not all that fast. Fortunately there are separate sockets for current and voltage measurements and there is even a 10 A measuring range available.

Conclusion

Priced at under €200 (just over $200), the Owon HDS1021M-N gives you a double measuring instrument that is quite convenient to use. Certainly if you intend to carry such an instrument frequently, then this is a great solution. The scope works well and has a reasonably high sample rate, while it also offers many configuration options. The multimeter part is a very practical bonus, and is extremely easy to use. The finish of the instrument is also very good, and can easily tolerate a bump. For this price it can certainly be recommended!