Out and out the best host on the Internet is HostMonster.com for this kind of service. I can say this with confidence, Ive been a pro webmaster for eight years and you get 2 terrabytes of bandwidth per month with 200 gig storage for $5.95 a month - those figures are accurate. Theres also 100 MySQl and 100 Postgre databases - more databases than even I can shake a stick at and this is my job.
Youd be doing me a favour if you do choose to use HostMonster.com if you register through the following link:
http
/www.hostmonster.com/track/sharphorizon/CODE4
I get $35 comission this way

You can get it too if you get someone else to sign up. It works out to £76.00 ish for two years hosting, you need to pay for two years up front to get the cheap rate with no setup fees, though you can get one years registration with no setup fees. They do also do domain registration but its cheaper elsewhere. My personal preference for domain registrar is GoDaddy.com, but if you want
cheap registration then NetFirms.com is hard to beat. The thing with NetFirms is that their service is slow, so nameserver changes take days. I use the GoDaddy / Hostmonster double team and literally within 15 minutes of registration the DNS has updated for the site. DoDaddy also has an awesome administration system with is actually pretty fast acting too. Theres a domain locking feature too which prevents forced domain transfers, which are remarkably still a problem even these days.
One thing about HostMonster that I havent seen anywhere, literally anywhere else, is the
unlimited domains per account. You can add any number of domains to your single account and have them resovle and have a mailserver for each one too. I currently have these sites on my one account:
sharphorizon.com, takesthepiss.org, helptehfish.com, petermckane.com, staticnuke.com, sqlconverter.net, brinkplan.com, titansgym.net, titanshop.co.uk, amerilabs.org, shstore.co.uk, tropiclafishkeeper.com, agneskleinjan.com, annevanderhorst.com and several others too. All these resolve to the same account, all have mailservers, all work great.
OK, I just checked 123reg.com and are they really charging $25 a year for a dot com?! GoDaddy is $8.95 per year and you can then get the .net, .biz and .info all for $16 as a special offer - so thats 4 domains for what you'd pay for one on 123reg. Bargain.
Edit
Be distrustful fo hosting comparison sites as they are, nine times in ten, owned by the hosting companies that they are advertising. Also be sure that the host you choose has its
own datacenter, and that they are not simply hosting resellers. Resellers can often give good deals, but they are not responsible for their own servers. HostMonster have their own data center and their support is fairly good. Its support though, not server administration, so there is only so much support you can expect from any service. Their live chat is on 24/7 so theres always someone you can complain at.
Edited Edit
1&1 are not great. They are expensive for what you get and their server management software is bulky and not feature rich. Hostmonster use cPanel - a very high quality server management utility. In fact, many host offer a paid upgrade to a cPanel server from tehri own custom management software or something like Ensim. Long story short - cPanel goooood. I have had the misfortune of developing for a 1&1 site and their database server is on a single machine with different login credentials, their FTP accounts are clunky and you cant customize the login names, so you get restricted numbers of user names like "2357585858_username" instead of just "username". cPanel servers come with Fantastico which is an automated script installer that comes with two dozen or so common scripts and CMS's like OS Commerce or Joomla. Fantastico takes two hours wrok out of every site Ive made in the last two or three years and is probably my best find.
Templates: templatemonster.com is my favorite source because its the most copied site. You can find cheaper template sites, so I recommend that you find a template you like on template monster and then google it to see if you can get it cheaper elsewhere. Chances are you will as the desingers of these templates tend to spread them around a lot.
Wow... long post. Sorry

Hope its useful info though.