I think this is one of those things on what you are looking to accomplish. If you want to build up your arm strength and get a work out, a hand crank grinder is probably a good idea. If you want to grind a lot of meat, it probably isn't!
My parents were poor when I was growing up and we had a hand crank grinder (no idea what brand) and after a few seasons of cranking they ended up just taking it to the butcher to have it ground. I don't think I would pay money for a hand crank grinder personally.
I'm very happy with my 1/2 hp grinder I got at Gander Mountain for $80. It was on sale though, and might not be that cheap anymore.