dwm,
been in that boat before...
I did get a cheap spotter as you now are considering, actually did a couple times thinking the next was better. It wasn't so, not by a long way. If I hd to do it all over again with what I know now, I would have gotten the Leupold right from the get go. All said and done I have spent about 2000 dollars on spotters and finally have the one that serves me best.
Here's my suggestion if you decide to take this road too;
Don't buy unless you compare the models you are considering "outside" at long range. Alot of shops have tripods and have no problem with you doing this.
Make sure you have the eye relief at high power you need for glasses.
Compare them at 15x, 20x, 25, 30x, 35x, 40x and see what eaches limit is before they get "dark", blurred, and for best color.
Beyond 30-40x most low end scopes will fall on their face and get dark and blurry and become much less usefull if not completely useless unless the power is kept way down... examine them closely for the very best deal for your buck. You will likely end up with a scope that will get you 20-30 power in good light and 15x in lower light. Make sure you get one that goes down to 15x!!!! These scopes need every advantage at low light they can get, don't waste your money on one that goes higher than 45x, it will be all but useless and is a huge sales gimmick on the low end scopes...period!!!! In my opinion you need at least a 70mm if not 80mm objective to make use of a 60x magnification and TOP QUALITY glass only need apply!
I would look at Nikon at least, their glass is very clear in all their lines I've seen. They might have a good low end scope too.
In the end I would add this; hawk, sell, scrape up what you need to get the Leupold and you'll not regret it, you eventually will anything less.
Good luck!