After asking questions, getting answers, reading threads and accessing all of the great information on this web site I decided to purchase a pre-owned Callaway Steelhead III 5w for $30 off of Ebay.
I went to range at lunch today to try it out and I must say it was a $30 well spent.
Now let me point out that I have not been playing very long and am very inconsistent to say the least. But from the very first swing of this club (hitting off a mat) I was drilling shots straight as an arrow at least 170-180 yards. And the club was making a sweet ping every shot to boot.
For someone on a budget, or someone who just wants a fine club at an inexpensive price I highly recommend the Steelhead III.