My cheap acoustic is an old Epiphone, about $300 new in 1980. Recently I went on a hunt for a cheap acoustic for a buddy of mine, with the same $200 price range, give or take. I agree that the Yamahas were at the top, but we actually walked out with a Washburn, which is a *great* cheap axe. The key is this- Guitars are made out of wood by humans, and the cheaper they are, the greater the variation in quality. If you play 10 guitars, all the same make and model, in the $200 range, they will *not* be the same, not even close.
I would say- go to the biggest guitar store you can find, and drive the salesmen nuts. Play everything you can lay your hands on in the price range, starting with Yamaha, Washburn, Epiphone, Takamine, and anything that's used. In the end, the guitar you walk out the door with may not be the one you thought it would be, or the prettiest one, or the one everyone on this board likes, or the most expensive one. It will be the one that some Korean, or Indonesian, or Malaysian made right by coincedence. Give a monkey a typewriter, and sooner or later, he'll spell a word.-Richie