In terms of Fender i'd have to say Musicmasters here, in the UK you can pick one up for under £350, its a vintage guitar and the neck alone is superb.
I'd personally vote for these three on my experiences;
1. Peavey Predator USA. You can still get these for under £100 and they will give most Strats a run for their money. Superb neck and total quality.

2. Yamaha SG200. The no frills MIJ model that delivers all the tone of the more expensive models. No longer dirt cheap but you still find them for around £200. Mine easily held its own with my friends Gibson SG Standard.

3. Westone Spectrum ST. Matsumoku made, the neck has an almost vintage Mustang feel but with larger frets. Superbly made and still available s/h for under £100.
