For shared hosting, I use BounceWeb. I pay about $3 per month, and that gives me unlimited bandwidth and storage. You start off with I think 20 GB or so of storage, but you can have them allocate more by simply filing a ticket. Other than that, the limitations are just the normal shared hosting BS: lackluster specs, inconsistent performance, poor scaling, etc. These don't matter if you're just serving a blog or portfolio or whatever (Hell, I think even Magento would work fine if you get it set up right), but if you're trying to set up a custom LAMP stack, install some modules, mount a file system, do some sort of bytecode caching, etc., you might have some issues.
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