I have a porter cable 7424 that works really well. It would be more in the $120 range, but I can recommend it highly. It has 6 speeds and is light to handle. I use it with a 5" backing plate and lake country pads.
Check out autogeek.net - they carry this unit, and its like a detailing toy store. It looks like Grainger also carries this buffer as part 4YU14.