Hi Zilla,
Your choice of bass really depends on the kind of sound you are looking to get. If you are looking for a classic rock sound like AC/DC, Led Zeppelin or Thin Lizzy then a Fender Squier would do nicely - that was the first bass I ever got and it plays really nice. You can find them online for under $200. Fender Jazz copies are even nicer again if you can find one of them within your price range.
If you are looking for something that sounds a bit funkier and suitable for slap bass like Red Hot Chili Pepppers, Primus or Level 42 then in my opinion you have to go for an active bass (i.e. a bass with onboard electronics for sound control). You'll notice an active bass as they often have switches as well as knobs on them (the volume and tone controls), these allow you to accurately blend the sound from your pickups. The type of wood is also important; a dark and heavy wood will usually give a deeper, warmer sound whereas lighter woods will often give a brighter, punchier sound. You can get nice Warwick copy basses now but I think they might be closer to $400 than $200. I noticed you were looking at Ibanez basses, I played an active Ibanez bass in a shop a while back (can't remember the exact model) and it sounded really nice so they may be a good brand to go with - I myself have an Ibanez fretless and it's been pretty solid over the years.
The fretless acoustic you had in mind looks nice and is definitely reasonable at $199 but the fretless bass as an instrument is a very different beast to the fretted bass. I've been playing fretted bass for about 12 years and fretless bass for about 9 and I love both but getting the right sound and feel on a fretless can take a lot longer than it does for fretted bass. It's only been in the last year that I've finally got the fretless sound I've been looking for. Don't expect slapping or tapping to sound good on a fretless without a lot of practice and trial and error with your sound setup.
Also, acoustic basses are nice for many types of music but again be warned that you won't be able to get a strong slap or tap sound whether it's fretted or fretless.
String gauge is also very important in terms of the sound you're looking for. Don't expect to sound like Flea or Mark King if you've got big heavy 'Country and Western' strings on your bass! You'll need a set ranging from between .30 and .45 on your G string. If you want the classic rock sound then heavier strings are fine.
PS: Bass is way more fun than guitar in my opinion, it's way more versatile and fun. When you master slap, tap, fingerstyle and chords you can really brighten up any piece of music with the bass.
EDIT: Also, ATG is right... check out second hand stores and pawn shops. I saved about a grand getting a second hand 6 string bass and it turned out to be nicer than the brand new 6 string I had been looking to buy.
Last edited by Braddock (2008-09-02 15:20:10)