I had posed a similar question, except I was trying to find an even cheaper knife, something in the $20 to $30 range that didn't piss me off.
So far, the 4 I've picked up all have plenty of pros and a few cons.
The Ka-Bar Dozier, especially the pointest version, is a darned fine knife considering it sells for the tiny sum of $20. Deep hollow ground, good slicer, very pointy, reasonably comfortable, ok lockup (lockback). Mediocre steel, AUS-8. Could be worse, like AUS-6.
The Kershaw vapors are also, and at $20 at Wal-Mart as mentioned, you might be able to pick through them and find one with both a decent lockup and a decently ground blade (flat ground, integral lock). Cheap steel, AUS-6.
The Gerber EZ-Out ... well, decent steel ATS-34, needs a good bit of profiling, saber flat ground, handle is "ok"... a little flimsy/flexy, and this is discontinued now, so act fast to find one on the shelf at some mailorder place. About $40.
Griptilian: The 440C was, and still is, a decent steel... in neighborhood of AUS-8 and maybe a bit lower edge holding-wise than ATS-34 but quite corrosion resistant. Handle has a cheap "feel" texturally, but is a handful (surprisingly thick) and fairly good ergonomically, and Axis is a fine lock. Blade grind leaves tip reasonably thick, and is saber flat ground per usual BM. This would be my pick at $60.
But you oughta check out the Spydies as others mentioned (Delica, Endura).
I haven't handled a Camillus EDC, sounds like others like it. I do like the ergonomics and blade grind on my Darrel Ralph EDC, so if you don't mind all metal handle, could be a winner.
Look for a used Griptilian, around $45 or $50.
Or a BM 705 or 710 used, again, not $60, more like $75 or $85.
Look also for a used AFCK in ATS-34 especially, but 154CM is ok (should be damned near the same, but I think BM changed their heat treat protocol sometime around 1999 or 2000), probably $75 as mentioned.
A couple threads that might be worth a quick peek:
http://www.bladeforums.com/forums/showthread.php?s=&threadid=268153
http://www.bladeforums.com/forums/showthread.php?s=&threadid=265219
http://www.bladeforums.com/forums/showthread.php?s=&threadid=268176
http://www.bladeforums.com/forums/showthread.php?s=&threadid=265821