I bought some Arkie brand Shaky Head jigs from Walmart for cheap and wanted to see if anyone has seen any real success with them or is this a case where they're priced low for a reason?  

I have used them before and there not bad for the price. I probably wouldn't buy them again but just because I don't really care for the design of them.

I use the jerky head a lot and have good success with them. I like them because of the wire bait keeper. I do not like screw lock type holders and I can easily get the bait on and off the jig head easily. I wish the hook was better and they came in more of a standup head. Maybe I can talk one of the jig makers on the site to make a few up for me.