Elkhorn rods are GREAT rods for cheap. Echo Carbons are also extremely popular in the ultralight world, pretty much your best bang for your buck under $200. They come in both 2 and 3wt models. A few other very popular options under $200:
Reddington CT's (now Redington Tempts)
St. Croix Imperial
Before I bought my 2wt Superfine Touch I joined the Ultralight Fly Fishing Forum (www.ultralightflyfishing.com
). It is a great place to learn about UL rods/reels/tactics.