The best guitar I've ever owned was my first - a student model East European nylon-string no-name for about 20 quid. I was lucky and got one of the rare ones that was in tune and with a good tone. I've since owned some really nice mid-price guitars, including a Yamaha semi-acoustic wih a great, jangly Fylde-like sound (fab for open tunings), but in terms of sheer value for money you've got to say it's hard to beat that first one. It's still what I keep out at home to work out chords, etc.