It works, and I am running a perfectly good server- no problem with it, you just need to check all of the dietpi specific documentation. The owncloud Server is part of the optimized software list for dietpi, so it works very well- they just do the creation of an admin for you instead of you having to go through the setup yourself- the owncloud base directory is also in a very convenient location.
Dietpi is pretty much a Jessie alternative that makes downloading software more streamlined