It doesn't qualify as cheap if it's only used once in a while, but the Motive power bleeder is one of the best tools I've ever owned. With it you KNOW the fluid's flushed, and you'll get as hard a pedal as your brake system can provide. My only complaint is that it doesn't fit all fluid reservoirs.
I have a vacuum bleeder as well (the expensive metal one - can't remember the name) but I've never gotten good results with it.
The comments about not pumping the pedal are true - takes it beyond the normal travel range and can damage the seals.
Also - I've expected to find crud inside calipers that I've removed the pistons from, but haven't. I guess bleeding - with the pistons pushed in, as noted above, takes care of it pretty well. New pads will push the pistons in just fine, no need to do anything special. Just bleed the brakes after the new pads are in.
I suspect a good fluid change and bleed gives me the same type of satisfaction that some BITOGers get from changing the oil.