Go easy now, because I'm no expert on bikes, but I've been looking for a decent bike for my boy for quite a while, done my research, and think I've found a good deal here.
Ok, it's the 2009 model, but quality never goes out of style right, and besides - who would actually know?
There is also a girls one, 2010 model for £176 + £10 shipping here: http://www.totalfitnessbath.co.uk/products/2010_Specialized_Girls_Hotrock_20-1838-0.html
Here's a review: http://www.productsifter.com/KidsStuff/ChildrensBikes/Specialized-Hotrock-review.aspx
Ok, it's not the cheapest bike you can buy, but liek I said - it looks liek a good deal for a DECENT bike to me!