Reaper 500 $270 pnf, $324 rtf
1Hobbyking has the reaper 500 (clone of the Stingray and WLToys V383) 3d quad on sale this week in the US East warehouse: http://www.hobbyking.com/hobbyking/store/__77128__Assault_Reaper_500_Collective_Pitch_3D_Quadcopter_PNF_AR_Warehouse_.html
http://www.hobbyking.com/hobbyking/store/__77121__Assault_Reaper_500_Collective_Pitch_3D_Quadcopter_Mode_2_Ready_to_Fly_AR_Warehouse_.html
Beware that spare parts may be hard to get, but this seems the cheapest way to get into a collective pitch quad so far. I believe sale ends 8/21.
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For the difference in price between the PNF and the RTF, seems like RTF is the way to go. You're basically paying $55 more for a complete radio system (RX and TX) plus a 22v battery and charger. That's about the best spent $55 I can think of. Plus, the RX and TX are already programmed and tuned. Ya, that's the better bargain.
Soooo tempting. But I have to many projects as it is.