Most people I know play with Yonex, including myself.
I have a fairly cheap one from the Armortec range and it’s not bad, pretty light, but not as light as the more expensive ones (say upwards of £50).
The Yonex strings mine came with were actually quite good until they snapped. The new strings I have (also Yonex) seem to be coming loose ‘n need replacing, but oh well 🙂
This is where I get most my badminton stuff from, and here’s the yonex range:
http://www.kickbacksports.co.uk/badminton/Badminton-Racquets/Yonex-Badminton-Racquets/default.aspx
Price wise, it’s upto you 🙂
Mine was about £20, some chap I play with spent £70 or so, we’re both evenly matched, doesn’t make a massive difference.
I’d rather spend the extra on decent shoes ‘n better shuttles, and sweat bands!