Well if you live in the US (shipping changes everything)
I just did a bunch of research, watching video reviews, etc.. for an inexpensive, yet functional, and decent quality racing rig. I ended up ordering a sim-seat as reviewed be SimRacingTonight on Youtube.
http://www.insidesimracing.tv/
I got the The SR-2 Platinum for 420 bucks with the shifter attachment, alloy parts, and panted silver. The $420 incudes the $30 for shiping. I don't know how long it will take to get it- it may be after X-mas. Anyway I think you can get it bare (no paint) with steel attachments for maybe $40 less overall. That's around $380 for a racing rig deliverd that's functional. Not bad.
http://www.sim-seats.com/Platinum_SR-2_Simulator.html
A similar priced (about $60 more) is the Obutto, also reviewed by SimRacingTonight. "$479 - ETA - 1/10/11" as it says on the US distributor, mainperformancepc. It's probably better in a lot of ways than the sim-seat, but not in others. Check out the reviews. I didn't get it mainly because I wanted to place my order last week, and have a chance of getting my rig before 2011. I think the sim-seat wheel platform might be more solid too, and I like the compact size and light weight of the sim-seat too.
http://www.mainperformancepc.com/obutto
I figure if you have 150 for a wheelstand you might be able to get into a simple/inexspensive rig if you save up $$ for a while longer. Ithink for me it was the right choice. During my research I saved these links to compare rigs- it might help you or someone else out.
http://www.sim-seats.com/
http://www.obutto.com/
http://www.mainperformancepc.com/obutto
http://www.playseat.com/en
http://www.gameracer.co.uk/detail.aspx?ID=105
http://www.gtomegaracing.com/
http://stores.ebay.com/gameracerusa
Good luck...
