Just what's cheap hosting? An average site can easilly cover any hosting cost with a single advertisment. Looking for a cheap host is what someone does when he starts his first website. After a few bad experiences everybody will look for quality hosting.
I've been with lots of diferent hosts, most of them shared, one VPS, and can say that you really get what you pay for. Right now I'm with
DrupalValueHosting and have never been this happy.
My main site is a mayor anime forum, but I use the same host to host a few smaller sites.