During a recent afternoon at GC, I auditioned cheap basses for my home studio. My two favorites in the $200-range were the Ibanez 200 and Yamaha 170. In short, I liked the Ibanez for its easier playability (thinner neck and lower action) and the Yamaha for its clearer tone and lack of buzzing, probably due in part to its higher action. I played several of each model and these impressions held fast. In the end, I bought the Yamaha because I'll only be using this bass for its recorded sound in the jazz-rock realm. The Ibanez was a fine alternative, though, and would appeal to folks wanting faster action, especially when playing heavier types of music. All in all, I believe both models are low-cost winners offering more than I expected at this price point.
A word of caution: be sure to check the neck of a guitar before buying it. The necks of these basses varied, especially at this low price, and I looked at several out of the box before finding a relatively straight one.
J.