Storage and backstraps mainly. Just seeing what you guys have learned about any good/bad quality ones...why not a hard case?
I've always dug Roadrunner gig bags. Dunno where to get 'em (I've always bought mine off CL).
I have one of these, and it's very nice. In your price range, too. It also comes in tweed, but I like the black one better because it seems to have more storage, and is a little cheaper. Plus, I'm partial to black, anyway. It has straps and a handle on the back.
http://guitars.musiciansfriend.com/product/Fender-Deluxe-Electric-Guitar-Gig-Bag?sku=541309