It depends on your idea of cheap.
I am seriously toying with getting the Squire Tele Custom II with the Duncan designed P90's from here
http://www.guitarampkeyboard.com/en/...stom-p90/11623
They do one with twin humbuckers and one with P90's, the P90 one has been getting some very good reviews (check out Harmony Central. It depends on your style of music wether to have humbuckers or P90's but the reviews haven't been as favourable on the humbucker version.
I've only tried it without it plugged in but it had a good resonance and sustain to it which is a good sign and played nicely.
Personally I think that's a very good deal.