Walden, Yamaha, Ibanez, Wahburn, Epiphone, Art & Luthierie, Taylor, and Takemine all make good lower priced instruments. I'm somewhat partial to Ovations, but they're an acquired taste.
Ovations are great, actually. If you can get a good one for $250-400 US, it'll last you a while. True, the laminated tops in this range probably don't age as well tonally, but they are more durable, so they're less likely to warp over time.
Not to mention the Lyrachord composite bowl... on smaller super shallow bodies, the guitar tends to slip while you're sitting down, so you'll need a good strap to use while playing. Also, they tend to impart a slightly metallic tone, but that complements the wood top well for my tastes.
(Not to mention, having the onboard 3 band EQ w/ bridge piezo and onboard tuner rocks big time! :))
My dad's Walden is a great, well balanced guitar. It's hard to believe that the top is laminated. No electronics on that one, but it's perfect as it is. He got that for just over $300, with a Walden gig bag included.