Way back in 1977 when I was a wee lad I bought a Teisco blonde stratocaster copy (for $70 as I recall). Wish I still had it now <sigh>. (new thread - WHY do we sell the music gear we'll want most later in life?... but I digress)
Anyway, I finally decided to buy a real fender after years of ibanezez(zzz) and I spent about 3 months a couple of years ago playing every new strat in every guitar shop in town. Everything from mexi cheapos to 50th anniversary top of the line made-in-USA models.
For me, one came out on top by far - the Aerodyne jap strat. $800 (Canadian money, about US$600 back then) and more tone and projection than anything else - just great playability. Simply can't beat it for value-for-money in my opinion.
Best acoustic guitar buy was a Simon and Patrick mahogany top I bought from a local guitar tech. He was owed some money by one of the music stores and they paid him with the guitar and he sold it on to me for only the amount he was owed by the store (which bore no relation to the actual value of the guitar). One of those once-in-alifetime deals - a non production line solid top guitar for about US$500.
My new #1 is a Squier Jagmaster. I got it new for $200 and it's great. I think the fit and finish are way better than my MIM Robert Cray strat. The Sunburst paint job is top notch. The neck feels and plays great, nice smooth fret ends. The tuners suck and the bridge saddles were horrible, but for $200 the guitar still offers tremendous value.
Now, I've easily put another $380 in upgrades into it (new bridge; new pickups; custom wiring and set-up), but that was what I bought it for - cheap, solid foundation for a guitar I could make my own. I've got a guitar now that is exactly what I want and can't be found for the same total price on the market. I call that tremendous value.
This thing gets much more playing time then my other more expensive guitars. And an added bonus, my DS-1 and BD-2 sound like I'm hearing them for the first time with these new pickups!