I'd have to go with Outback. I think the filet is only like $18 and it is quite tasty. While it'll never compare to a $40 cut at Ruth's Chris, if you're hungry and in the mood for steak it certainly does the job.

I don't think I would consider Houston's or The Keg in the "cheap" category. I would say they are in a slightly more upscale category(i.e. no "flair" on the servers). Plus you are far less likely to find one unless you are in a big city.