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Using a modified sinewave UPS is generally not a problem for low end equipment as most switch mode power supplies like the ones found in your PC don't mind the square wave, even though they were designed to run on a pure sinewave. Problems start however when you start using them with more sensitive equipement. Anything with a transformer in it won't work to start with. Higher end systems may dislike the power supply and function (or disfunction) accordingly.
As a side note, the issue of simulated sine wave versus sine wave is only aplicable when the UPS is “On-Battery”, or, providing power to the equipment via its internal batteries. When the UPS is using normal utility power, the UPS will be passing the utility generated true sine wave power to the connected equipment