Yeah, feature phone sounds a lot better. But when you're trying to hit the web on a low-end handset, feature doesn't really describe the experience, does it? I just installed a beta version of a new browser called BOLT on a Samsung Behold (after using the server hack for full browsing) and I gotta say, BOLT is pretty nice. Behold doesn't exactly represent most budget devices, but it certainly isn't a smartphone.
The app is a bit buggy at this point. For example, when I use my finger to scroll a page, my position will jump around a bit. But this is a beta, and considering the phones this software targets, I'd call what I'm seeing a significant accomplishment.
Your device must support Mobile Information Device Profile (MIDP) to run BOLT. Most basic phones can handle the browser, so if you're unsure about the jargon, wait 'till this thing goes public and give it a shot. It won't work with Palm devices, but is good for WinMo, and anything that handles Java (tons of phones).
BOLT is free, and you can sign up for the beta right now, if you'd like. Issued downloads will be limited, but it's worth a shot. You just might experience "Full PC-style browsing" on your freebie-with-a-contract beater. Let us know.