The one thing you might want to watch is that pampers are scented, whereas Huggies and most generic brands are not. If your little one is super sensitive to begin with, he could have a reaction to the perfume. My kids did not have a problem with it, but I know of other babies who were sensitive to it an had to switch to Huggies or generic.
I am very cost conscious (I have to be), so I never paid retail price for name brand diapers. I only bought Huggies or Pampers when they were on sale AND I had a coupon. At that rate, I could get them as cheap, if not chepaer than the generic brands. Neither of my kids ever had a diaper rash with any diapers, and I never had a problem with leaking either, even in the generics. I preferred Huggies as my boys got bigger becasue they fit "higher" and that seemed to work better for my skinny boys.
BTW: you can use pull-ups coupons for any Huggies diapers, and they offer a bigger discount than the Huggies diapers coupons (ususally $2 off). If you register at the Huggies web site they will send you coupons in the mail about every three months. And watch for sales at Walgreens and Target. They usually have Pampers and Huggies on sale at least once a month. I would use my coupons and stock up when they were on sale, and the buy the generics (Target brand are very inexpensive) to fill in between sales and coupons. IMO Loves were not cheap enough for me to make a difference. If I was going to go for an off brand anyway, I would go for the cheapest.