Yes! it is possible to have low prices and good customer service. The ways can lower the price are different and most already described here.
Moreover, I'm sure that everything what bid hosts offer for $25 a month can be available to clients for $5 with the same customer service etc..
One of the main things customers really should pay attantion is the company's transparancy. We all know that it's impossible to have 100% uptime. We all know that there is no perfect services and features. In the same company one client can be happy for years and the other can be always be mad at support and on the 29th day ask for refund.
So it's all relative. Start looking at low priced companies. Read more about their features. See if they say their real location. See if the explain things very well. Before signing up email to support and see how fast they reply and make the best choice!
Kindest regards,
ASPnix Web Hosting
http://www.aspnix.com
PS: sometimes i have feeling that in this forum only web hosting companies talk to each other
)) Good luck to everyone!