The problem with the cheap temp sensors is accuracy and response time. I bought a wireless inside/outside one on the cheap and (don't laugh) K-Mart for $12. No matter where I put the outside sensor, it doesn't respond quickly enough and is affected by engine heat or body panel heat. I settled on putting it behind the front grill and it's okay for seeing the outside temp after the vehicle is parked overnight, or after you've been driving for about 15 minutes or so. There's enough airflow to give a decent reading that isn't affected by the radiator once you're moving for a while. The inside temp sensor also suffers from response time. It's WAY too slow to display the actual temps.
I originally put the outside sensor in the wet box. Seemed like a great idea, except that the temps were reading about 5 - 10 degrees higher than they should have been since that black wet box absorbs a lot of heat form the sun...
In the end, like some other people have posted, it's probably a lot better to get a rear view mirror temp sensor.