I've had a Bandwagonhost $9.99/year 512MB/5GB/500GB OpenVZ VM for just about 6 months now, and have few complaints (none, if I pause to look back at that $9.99 number again).
I live in Las Vegas, and my VM is in their Phoenix location. I wind up getting better RTT to them than I do to BuyVM at Fiberhub, and have only had the occasional network glitch. Most recent was a couple days ago, I lost connectivity to my VM and at least devices on neighboring IPs for about 3-5 minutes. Nothing major either way. The VM itself is sitting at
08:53:10 up 58 days, 2:41
for uptime, and I'm pretty sure the last reboot was my doing as well. Currently the leader of any of my VMs, and probably the highest uptime I've gotten out of anyone in a year or more.
I can't speak to their nifty automated abuse-handling system, since I've never run afoul of it, worst I've done is some burst IO and some words with the kernel OOM killer when I accidentally added too many zeroes to MySQL's config, but their panel does have some possibly-unique, or at least pretty uncommon features:
If you're running CentOS (I'm not), there's a one-click installer for OpenVPN. I assume it works, anyway.
The panel can take OS image snapshots to download, but requires a reboot unfortunately. (Understandable, and I don't know that I'd want a snapshot while the VM and filesystem are hot anyway, but I have that uptime statistic to consider...).
There's a feature to import your install from another provider - I actually used this when moving away from BuyVM, and it worked perfectly fine. It just checks compatibility, kills any unnecessary running tasks, then rsyncs the FS over. Sure, it's just a couple minutes to do it yourself, but handy to have if you're lazy.
And you can switch datacenters seemingly at will between their Florida, Arizona and Netherland locations. You'll have a new IP address when the DC migration is done, of course, but that's the only catch I'm aware of (I could've sworn there was a fee or some limitation or something to this, but I may be mistaken, or it may have been removed). I haven't tried this either.
They also offer two-factor authentication through the Google Authenticator app,
The root shells (they have three - your standard terminal-aspirant, a full-blown terminal emulator, and a simple form that submits your command into your container without any interactivity) work better than most I've come across - no Java, no port forwarding, etc.
The pricing /is/ worryingly low, honestly, and it took me a few months of having the VM up and running before I moved anything important onto it - but at this point, almost everything of note is running on it and i have no real concerns - I just make sure that anything I care about is backed up.