I still have a Nokia 3310 which I bought a few years back from an O2 store in London. Now, whenever I'm back in the UK I just pop in a prepaid SIMcard and go about my business. I think I paid like GBP30 back in the day. The phone is terribly heavy and dreadfully dull but I guess it does the trick.
Whilst in Buenos Aires last month, I needed a throwaway phone and picked up an LG MG160a. I really love it, and it only cost me US$40. Such a delightfully simple phone and very compact.
Here in the US, I use a Motorola C168i which was $5 during last year's Best Buy Day-After-Thanksgiving sale. It was sold for use with their prepaid service, but I just popped in a normal AT&T SIMcard and it works fine.
Simple phones are the best!!