We bought a Graco Umbroller when ds was about 4 months old to use as our second stroller (we had a HUGE one for my car but wanted something for dh's car as well).
We got it on clearance at Target for $17, but I have noticed that they sell a newer model (with baby minnie and mickey fabric) at
Walmart for about $35, so this is a pretty cheap stroller.
This stroller is a 'glorified' umbrella stroller. It weighs 11 lbs, and folds pretty small for travelling. It has a small basket underneath that is adequate for the diaper bag but not much else. It has a sunshade, and a cup holder for the parents. It does NOT have a tray for the kiddos. The stroller does recline to lay back, but isnt completely flat.
Overall we have been very happy with this stroller and it has exceeded our expectations. We have used it for about the last year as our main stroller, as the other one was just too big to be practical. We took it to WDW in October and were pleased with it there. I had figured it would break down by this point but it is going strong.
The only downfall about it lies in the design of the seat. I believe that is has much more support than a traditional 'umbrella' as it does have a semi-hard seat back. But it is designed that the seat is tilted slightly to the rear, which worked great when ds was small to keep him securely in the seat. He also likes it now, as it is 'cozy' and comfortable to ride in. But there was a period for us, from about 7-9 months, where ds was alert enough that he wanted to be leaning forward looking at stuff, but he wasnt strong enough to lean forward against the tilt of the seat, so he was usually straining to look out. We mainly noticed this during a trip to the zoo where there was lots to see. The mall just wasnt too interesting I guess! I think this would be the case with many of the 'umbrella type' strollers, just due to design.
Overall, I would buy it again. DS is tall for his age and now at 2 his head is nearing the point where he will soon have trouble reclining in the seat, but we will continue to use it. It was truely a lifesaver in disney with the buses - it was small enough to just put under the seats.