I have the GRX40Z (NB). It's pretty nice - the finish chips somewhat easily, so be careful with it... I was looking for an inexpensive starter guitar, but I shied away from the squiers - a number of people said they tend to have problems a few years down the road; and yes, I do expect to still use my "beginner" guitar then - I'll upgrade at some point and use the GRX40 as a practice guitar.

You should definitely get an amp with reverb when looking at inexpensive amps... I got the cheapest Ibanez amp, and am thinking about getting one with reverb (though probably not right away - need more lessons first ;))