Yeah, I got mine for $199 when it was on sale a while back. I think they're around that price now at a lot of online retailers.

I usually set the levels by setting the microphone where it's going to stay, and then making the loudest noise I think will be made in the room at the closest I think it might be made, and adjust from there. It's not perfect, but I've become fairly good at picking the right levels and not getting clipping. :P I'm sure there's a better way to do it, I'm just too lazy to go through the trouble of looking it up.

Of course if you're recording a single source (actor, etc), it's a lot easier to set the levels; especially if you are using it with a lavalier mike.


EDIT: Oh, and I'm by no means any kind of expert, so you should probably ignore everything I've said. :P