Godaddy is cheap no doubt. But if you need professional features like "()mail" or "fopen()" PHP functions you'll be out of luck. If you're not a business site you should be fine with Godaddy or other cheapie hosts.
Hi,
I am personally using Dreamhost for my wordpress blog and I find it good so far. You can give it a try since it offers free trial and 97 days money back guarantee.
I suppose you need to know what is the cheap for you. Next you need to understand what you need exactly and then try to match that within several web hosting companies
What kind of website do you need to host. It is an e-commerce, does it require to run any custom-build software? these questions are important and you'd better prepare a list of requirements, so you could send them to a few hosting providers.
Most cheap web hosting aren't that reliable. The last one I dealt with (3ix.org). They had hosting for 3$ which is a great deal. Though, they would suspend/remove your account for something small.
you better do little bit search on google. know your requirements and go accrodingly
do not go for unlimited claiming hosts if you ever decided to go with such host better check there terms to find limits.