I'm just a tackle junky anyway.... I'm not the guy who spends big dollars on super high end rods and reels, but I like getting new stuff, mostly in the $100-$200 range. In recent times, I would highly, highly, highly recommend the following reels:
Baitcaster: Daiwa Tatula SV TW (I'm in love with this fool reel) They are $199 retail, but look on eBay and you can get them for $150-$160 ish.
Spinning: Shimano Nasci. I bought a 2500 two or three years ago when they released, it's incredible...no way that's a $100 reel. I bought a 3000 last year for slightly more beefy presentations, and I use this one for speckled trout too.

Rods:
Baitcaster: Dobyns Fury series. I've recently bought a 703C and now a 734C. Again, no way that's a $120 rod.....I can't tell any difference between them and the Champion series.
Spinning: When I bought that 3000 Nasci reel I also ordered a rod to pair it with, got one of the new split-grip Curado rods from Shimano. Ho. Lee. Cow. Freakin sweet, and you can jack em with it!! (I was given a VIP card from Shimano and got that reel and rod for 55% off)