It's the "no contract" thing that will get difficult, as I'm sure you know. "Cheap" and "off contract" have never gone together with smartphones, sadly. More like "off contract" and "ridiculously overpriced to support the on-contract price."

I know it's not out yet, and I don't have an off-contract price to quote you, but it looks like T-Mo will have a super cheap phone at some point (at least it will with a rebate). I also can't attest to what the specs are, so it's probably a bit slow...