Re: The best cheap gear you've had.
Squire Mini - best $99 guitar I've ever experienced. Have used it on stage as a backup. Even used it as a D-tuned guitar on stage one night. It did the job. (Doesn't stay in tune very long, though, so it's not a go-to player. But I will use it for rehearsals or times where I don't want to wear out my arms - tendonitis) Also took it on a plane to Japan once (fits in overhead) and used it on a recording session for a DJ remix.
Rickenbacker 420-12 - bought for $200, now worth $4000, and it's a workhorse, have used it often since day one
Crate 80 watt, can't remember the model (had real Telefunken pre-tubes in it.) Through a Randall/Celestion extension cab it sounded like a Marshall.
Fender 1966 Stratocaster - bought for $650 because someone painted the body psychedelic colors and it was missing the bridge pickup.
Worst? Had an Ibanez shred stick in the 80s that was active and sounded cheap, and ran it through a Sound Studio, which while fun, was just a cheap, synthetic-sounding knock-off of a Rockman. I liked it, all fun, but it wasn't good. I ran that whole package through a Randall, which helped mask and make up for the cheapness of the sounds.
Another worst was a Heathkit amp I had with Radio Shack/Realistic speakers. The only thing it excelled at was making white noise.