OP, I own about 30-40 ratchets for some reason, including many in posted about in this thread.
Forget the Armstrong, its HEAVY and is identical to the old made in USA craftsman ratchets, as they were both made by the same company. The Armstrong is one of my least liked ratchets, mainly due to the lack of balance in the hand. It's a mediocre ratchet at best.
I use ratchets every single day, so many of them get a lot of use and I have a good feel for ratchets I like and which ones I dont.
Best budget ratchet: Pittsburgh Pro polymer ratchet. This thing is SURPRISINGLY nice, especially considering the $10 price. It is fine tooth, has very little back drag, is lightweight, etc. I practically use this ratchet 50% of the time. It's a cheap brand at a cheap price, but I love mine and almost everyone else that has one loves them too. Definite buy. Many of the Kobalt (Lowes) ratchets are made by the same company and have the identical head, but are heavier with metal handles and grip handles and at 4 times the price.
Best longish flex head ratchet: SK 45183. Great quality, built like a tank, the ratchet I grab when I need to put some torque on a bolt.
Another one of my favorites is the Husky (Home Depot) 72 tooth ratchets. They are made by Apex tools (Gear Wrench, nicer Craftsman) and are identical to gear wrench 72 tooth ratchets except they have a quick release button that the gear wrench tools lack. They are nicer and better to use than the gear wrench ratchets, in my opinion. They fall into the must buy category for me. This ratchet is much better than the Armstrong.
http://www.homedepot.com/p/Husky-3-8-in-...#specifications
http://www.homedepot.com/p/Husky-3-8-in-Flex-Head-Ratchet-H38FPFRAT/202923412?N=5yc1vZc249Zrd
An odd ball, used ALL THE FREAKING TIME, must buy ratchet is the Wright Tools 3430. It is a 3/8 drive ratchet with a length of about 4 inches. It gets a lot of use. I gave one to my dad and he freaking loves his too.
My GearWrench Roto ratchet 81225 gets used all the time too. One of my favorites.