The fuse that is (most often) used is a Raychem Tyco MINISMDC075F-2
It can be bought from Farnell here, also a nice source for data on it.
http://nl.farnell.com/te-connectivity-r ... dp/1175840
a typical resistance for it would be 0.2 Ohm, (it can vary a lot though, which explains why peoples mileage with it varies, also its value depends on what people have done with it, and even how hot is has been during soldering!) but for an average sample it means that when a practical current of 500mA runs through it, it would generate 0.1 V of drop, if the micro-USB cable had no loss, and the PSU would output exactly 5.0V at 500mA load current, (both fictitious, I know) then the PI would receive 5.0 - 0.1 = 4.9V, and at the polyfuse trigger threshold of 0.75A (750mA) it would drop 0.15 V.
So if you measure across the polyfuse and it reads, 0.35V you should consider that there is something wrong with it!
Its easier to measure the voltage between both end of the polyfuse, than it is to measure its resistance (obviously while the PI is off), as to measure the resistance the multimeter sends a very small but constant current through it, ten measures the voltage, and obviously its easier to measure the voltage while 500mA is flowing through it than when just 0.5 mA is flowing through it (as the voltage is a thousand times higher).
Some other people are saying that you should measure the voltage (to GND) at one end of the polyfuse then measure the voltage at the other end and subtract the two different values, seems an unnecessary complicated way to do so to me, as there really is no reason not to measure the drop directly.