If I am not mistaken, that knife is made from 440A stainless steel. This steel is near the bottom of the list of stainless steels. In that price range, some of the carbon steel knives like the Becker line would be a better choice. Although, I do like the handle on that Colt knife - much more secure than Becker handles, which tend to be slippery.
One new knife that is getting good reviews is the Ontario RTAK. It was designed for camping/survival uses. I see it advertised for around $80 most places.
For around $50 plus shipping you can get the Smith and Wesson HRT Combat Survival Knife, which is made out of good 440C stainless steel, and has a recurved blade designed for chopping.
If you can afford to spend $150, then you can get a very good Battle Rat knife or a Mineral Mountain Hatchet Works custom bowie. For around $110 you can get the Cold Steel Trailmaster bowie.
Himalayan Imports khukuris are famous for being excellent choppers, although most are rather heavy.