I was just starting my research into banjos, as well. Very interesting instruments!
I inherited a VERY cheap one: aluminum can with a plywood resonator. Sounds like...well, aluminum and plywood: pretty cheap and hollow. I haven't yet replaced the strings on it (probably from the neolithic era) but I don't have too much hope that I'll get it to sound all that good.
A buddy of mine, who is a phenomenal banjo player, let me play one of his. First of all, the thing is heavier than my Les Paul. Its made of brass with a solid wood resonator. And it
sings. No doubt, its one of those $2000 gibson level banjos, but there has GOT to be something in between.
The way I'm steering my hunt, which is about in the same price range, is looking for something that is heavy and feels good.
How's that for simple minded?
I'll also ask my friend what his advice is and post it here, if I can get ahold of him.
Take care,
Chris