Black & Decker 3 Speed Rotary Tool for $20
I just picked this up. It's variable speed between the 3 speeds as well, just there are three notches for the low, high, and med-high speeds.
Check your local store online for the price before heading out though!
I've had one of these B&D "Dremel" devices for three or four years now and it's held up to a lot of use and abuse. It takes all of the standard Dremel bits I've thrown at it thus far without any fuss. If you're on the fence because you aren't sure of the quality, jump on the deal. You will not be disappointed. AC power means that you don't run out of power in the middle of a project.
Not available online, all the stores for pick-up are in Ohio.
I picked this up in Indiana. It was also available in many other stores in Indiana.
I bought this last month for $29 on Amazon and it was worth every penny. Does everything a Dremel does for 1/3(?) of the price.
@pinheadbal: Exactly. It's a great little knock-off. :)
DEAL GONE!!!

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