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It's really hard to find cheap shared hosting that performs well/doesn't oversell. It might even be impossible. Any super-duper shared host probably costs almost as much as (if not more than) Slicehost.
The only one that might fit the bill is my current host, NearlyFreeSpeech.NET. Pay-as-you-go utility pricing + redundant and clustered backend for mere pennies is awesome.
@slicematt: Thanks. Will do.
@Jamie: You're not wrong there - I only set up my first slice a couple of days ago for a work project but already I'm coming up with all sorts of new personal projects to justify getting a nice chunky slice for myself to play around with :)
It seems to me, their "taking" of your data and code hosted on their server is not even legal.
Here's the clause from: http://www.slicehost.com/tos
Slicehost may cancel or suspend your access to Slicehost services at any time and for any reason without notice. Upon cancellation or suspension, your right to use the service will stop immediately. You may not have access to data that you stored on the service after we suspend or terminate the service.
If you are running a production application where downtime = money lost, then I definitely wouldn't recommend switching VPS providers frequently.