If you cannot afford either the Traeger or the Kamodo, a FANTASTIC smoker can be had for about $200. It's made by Weber and is called the Weber Smokey Mountain Cooker, or WSM for short.
Welcome to Weber.com It's similar to the Kamodo in the fact that it is a vertical setup, but it's made of standard metal, like a normal charcoal grill. It burns plain old Kingsford charcoal and plain old wood for smoke flavor, no need to buy any special, hard-to-find, expensive fuels. I have had mine since Christmas 2003 and I absolutely love it. For the budget-minded smoker, this is the way to go.
A full load of charcoal will last 15 hours (give or take depending on wind, temperature and such) with nearly no attention given to the fire. I have done overnight cooks no problem with it. It is not as efficent with fuel as the Kamodo, but that's about the only drawback.
The results? Amazing! I'd put my WSM BBQ up against any other rig any day. In fact, I saw the Jack Daniels BBQ Cookoff on the Food Chanel not too long ago, and there was a team who used the WSM only. (3 or 4 of them, actually) They took first place in pork butt, and either placed or scored well in all others.
There are other "bullet" style smokers, but none are as high-quality as the Weber.