A real sleeper of a reel and one heck of a deal is the Shimano Sienna. These reels can be had for 30 bucks and handle braided line well. For fresh water and occasional light saltwater they work well. Just be sure to rinse well and oil after any use in the salt. I was a fly fishing and light tackle guide for 20 plus years (retired my license last year time to enjoy fishing now). Used to use Penn Reels exclusively years ago but the newer spinners are not what they used to be. Penn is now made in China and they do not handle braid lines like Shimano does. You will experience a lot more wind knots (AKA bad casting knots) with the Penns due to the design of the rotors and spools which affect line lay on the reels. Shimano has this down to a science. Best bang for the buck are the Shimano Stradic FK reels. On a whim decided to try the newer Daiwa Ballistic reels which work pretty well but I do not like the gimmicky magnetic oil and inability to open and service the reels. Again they do not handle braid lines as well as the Shimano's but are light years ahead of Penn. Alan Hawk does a good job of reviewing reels...
http://www.alanhawk.com/reviews/reviews.html
We consistently take juvenille Tarpon on those Siennas in the 5 -50 pound class. For 30 bucks they are worth a try.