Being a runner for 8+ years, I used to have a similar belief of not spending over $85 for a shoe etc etc.. I used to be a miler/5k runner but if you are getting into long distance running (10+ miles/run).. Do whatever it takes to get the most comfortable shoe!. its so worth it.
I used to run w/ these Asics Cumulus's and Saucony Grids but after doing half marathons and other 10+mile runs, my feet would be hurting like hell, filled w/ pus or whatnot. As soon as I changed my shoe to the Asics Gel Kinsei (although it was friggin costly - $165 (i did have a $50 gift certificate)), it provided ample cushion and support for my kind of running. I was able to run faster, longer, and recover much quicker since there was less strain on the quads. and no its not placebo.
I am not saying get the most expensive shoes out there.. but rather get the Right shoe for your type of running. Going cheapest is not the way to go if you want to excel in the sport.. for general fitness perhaps... maybe.. shrugs i donno.
.02
For budget, I highly recommend the Asics Gel Kayano XII's. They should be on sale for around $89 now since the XIII have recently been introduced (MSRP $134.99)