Well, it’s cheap … and I’ve got no complaints about 1and1 (at the time of this writing, they host huddledmasses.org).

$4.99 for 120GB of space, and 1200GB monthly transfer volume. You even get 25 MySQL databases, 10 FTP accounts, and the usual scripting languages (Perl, Python, PHP). You have full ability to host multiple domains and subdomains — you even get two domain names free, and 1200 email accounts.

Edit:

I’m in the process of moving some of my domains back to 1and1, because they offer pure domain name registration services now, and they’re cheaper than GoDaddy (with the possible exception of the initial “new signup” bonuses that GoDaddy tempts you with).

Actually, they have a new $4/mo account which is more than enough for the average site: $3.99 includes the domain, and 10GB of space and 300GB of transfer, as well as the ability to have subdomains and multiple external domains, and up to 10 databases and 600 email accounts. It does have PHP 4 and 5, but not Perl or Python at that price.