Doc Manhattan":1zbvsi65 said:
For an unsmoked pipe, there is nothing better dollar-for-dollar than a Missouri Meerschaum cob.
Doc's got it right there. Can't beat the value you get from a MM dollar for dollar.
Other than that, you can find a "good" smoke from a pipe in just about any price range you want to pay. You can probably find a bad one too though.
Consistency is a different story. After a certain point your paying for quality control, attention to detail and consistenly good craftsmanship. A little further up the ladder you start paying for style and an extremely high level of skill in addition to the aforementioned aspects. Finally you start paying for the name as well as the rest of the stuff.
Other than cobs, for a $50-ish or lower pipe new, I'd look at seconds and basket pipes but wouldnt' expect too much. Better would be to just hold out for a deal via forum or lucky ebay score on an estate Stanwell, old Brit make (BBB, Charatan, Barling, GBD, Ben Wade, or their seconds lines, etc) or perhaps a Pete. They can be found with patience and a keen eye.
I'd pick an estate british make or new or estate danish stanwells for a sub $100 pipe (have yet to come across or even hear of a made in italy stanwell though). Their bits tend to be a little nicer than the Sav I've got and the Pete I had, and the Sav was pushing right up to $100 anyway. I may give Pete another shot at some point though.
After about $150, I look to certain individual carvers rather than brand names usually. If I came across a Castello, Radice, Ser Jac, Ardor, etc that I liked the shape of for $150 though I'd get it without a second thought.
Over $250, I'm looking for a pipe from a fairly limited number of carvers in a shape that I realy realy like. I've got no qualms about spending that much or more if it's one of those rare occasions when I have got the money and find what I want though.