Having dove with NRS, Henderson, Evo, and other rashguard types, I can say that other that fit and cut, they aren't much different from a "protection" standpoint than those stretchy shirts you can buy at the sporting goods store (which I also have dove with). Those shirts tend to be much cheaper, too.
You may need to upsize those stretchy shirts however. I wear size Large and XL rashguards, but can only squeeze into 2XL sizes for those athletic tops.
I get "thermal protection" from rashguards not from their insulative properties, but from the physical barrier they create between my naked torso and water currents. Rashguards greatly attenuate the cold shock that you can get when dipping into 80-85 degree water cold turkey, and they'll also negate the slight chilling many tropical divers get when water moves across their exposed torsos.
For indoor pool work with students, a generic rashguard can increase my (comfortable) bottom time with students by up to 50%. Diving in the Bahamas, I am hardly ever bothered with 1-2 degree thermoclines or "cold patches" since I started wearing rashguards or their equivalent.
Dumpsterdiver is correct that wet rashguards actually COOL you off when on land. Which to me is an added benefit; I wear the silly things ALL DAY in the subtropics.
**As an aside, "NRS Hydrosilk" is the best rashguard I've come across**