I would use Server Beach. If your site gets big enough that you need a dedicated server then "value" is the last thing you should worry about. :)
There are a lot of companies providing cheap web hosting. A good advice to you is to read the web hosting reviews and articles. It will help you to find the best solution possible. And if it is a website with high traffic like you’re trying to build something like Digg then you should concern about price because you might require dedicated servers in this case. Good Luck
There are many top and best web hosting companies.. Well, I trust HostingRaja.in, Hostgator.com and Jumpline.com webhosts.
Cost is Depends on the Web Hosting Package You choose.
Different web hosting companies have different bandwidth and memory limit. For example, you can check here for the bandwidth provided by HostingRaja @ http://www.hostingraja.in
Initially you can start with shared or VPS and then depending on your visitors,access to server; you can upgrade to dedicated.I recommend 9cubehosting.com since they are comparatively cheaper and also reliable. In shared itself they provide unlimited diskspace and bandwidth hence you can avail it or if you need independence to the server in software installation you can avail VPS hosting.