I have used GoDaddy to register domain names, and recommend them to anyone who has the ability to resist the temptation to buy all the add-ins they offer you.  During checkout, they will make several offers for other "similar" domain names, and many many add-ons such as Private Domains and Email.  It is only cheap if you don't select any extras!  Otherwise, don't say they are cheap!

As for the control panels, they are pretty nice and offer all the tools that you need to manage a domain.

Then I started looking at Hosting with GoDaddy... and I tried them for a time, and yes, it was cheap.  It might be great for someone who wants to use a Content Management System, and does not need to do a lot of development work.  But, there are some account restrictions that may drive a developer crazy...

Database Connections

GoDaddy does not allow any connections to a database unless that connection comes from one of their servers.  This is an understandable security issue, but if you are developing a site, and want to test on your development computer and still connect to the database... you can't!  You must upload files to the server to test.  This forces you to test on your live site, which can be disasterous.  You could setup a test folder on your server, but you still have to upload files, which can really slow down your development process.

FTP Connection Limits

GoDaddy only allows a single FTP connection at a time.  This is means one file at a time.  That's okay if you are only uploading a few files, but if you are trying to upload or download an entire folder, it is a limitation that is time consuming.  Many FTP programs will let you initiate several "worker threads" that can run simultaneoustly.  This only works if your web server supports multiple connections.

When I try to use this feature on a GoDaddy server I get a message...

 "Too many connections from this IP"

So, I had to revert to the one-at-a-time method and wait...

If you need to make that change in SmartFTP you can Edit your site's Connection Settings and go to Transfer/Queue and set the number of Workers = 1.

Conclusion

GoDaddy is great for Domains, but they keep too many doors locked on their hosting to make it valuable to a Developer... In my opinion.