it's extremely cheap, but is it reliable? And what kind of control panel are we talking about - I am used to Cpanel but I'd be willing to do ftp for that price.
There was a horrid uproar about a year ago when Godaddy itself and and many of its clients were banned by Google. People were reporting customer support was non-existant. For this reason I would be leary of Godaddy. Look for thread on Godaddy on SEO Chat forum. http://forums.seochat.com/t6152/s.html&highlight=godaddy+problems Shannon
I signed up with godaddy for the first time this weekend. I grabbed a domain name and their $4 a month hosting plan. It is quite cheap and is all I needed for the site I setup. Their interface is very simplistic, but the signup was very quick and easy. Although they try to spam off all different types of offers on you when you sign up, but just don't take any of them and you get some cheap hosting. Although I don't think I would use them for any of my larger sites, maybe that will change as I use them a little more though.
The Godaddy Product "Website Tonight" is a way to get a website up for less than $5.00 a month with no investment in software. The templates suck and are not interchangeable in every case, but you can add custom HTML for affiliate programs or Adsense. So that is a good product for a low budget start up website, enabling one to get a primitive site up quick. The problem with any do-it-yourself website builder that you get from a host is, you just can't move your site or add any custom coding other than cut and paste HTML objects for ads. Do not buy the "Website Complete Software" as they sell it cheap, but each site you produce with it they want to charge you a fee for publishing it. Nothing wrong with the hosting and they did deny the crap about not allowing Google to spider sites. There have been some complaints about servers not serving sites to some Eastern European countries from some members here.