I just picked the Power Chopper at Bed Bath and Beyond... it's pretty much identical to the Magic Bullet, but it was $20 - 20% coupon = $16. It also came with fewer accessories - it didn't have all of the storage containers, just the large and small cup that you use for blending. It works pretty well, although I've only used it to chop ice. It worked almost too well - it turned the ice into a fine powder in a few seconds.
Obviously it's essentially a small blender, and the reason it works as well as it does is its size... you can't blend small quantities as easily in a full sized blender. In this thing, whatever you're blending has no place to go except to the blades.