My first real acoustic was a seagull. I really enjoyed that thing and it was built quite well. I dropped it all over the place and I still have it... although it sounds terrible after all of the abuse I put it through.

I'd say definitely check out used guitars. Much better bang for the buck, and there are so many cats that buy a guitar play it a few weeks and sell it a year later it shouldn't be hard to get a decent one in your price range. Better than you could afford new anyway.