I just bought my stepson an RP-50 to hold him over until Christmas. $60 is pretty much standard retail price for a new one. List is $100, but I got his new at Guitar Center for $60. The effects are pretty good, but I found the distortion... lacking, to say the least. I'd rate it below any of the real modelers, including the Behringer V-Amp 2 ($130 new at GC).
But the best thing that I've found with it so far, believe it or not, is the little built in drum machine. It's cool to just press a couple buttons and jam to, and it's easier to get him to practice his lessons to a simple 8th note drum track than a ticking metronome.
If you're in the market for something like a combo practice amp / modeler, and aren't against saving up a couple extra bucks, go check out the Roland Micro Cube. They list at $149, which means you can probably score one for about $125 if you haggle it, and comes with a full list of features, all packed into a 2-watt, 4" speakered practice amp WITH a 1/4" headphone jack. And the best part? It can run on AA batteries
Check it out here: http://www.rolandus.com/products/details.a...odid=Micro+Cube
Good luck in your search!