If Android was going to pose a threat to Apple’s juggernaut iPhone, it might as well take it on with the sub-$300 price point, and that’s exactly where LG looks like it’s going to hit with its next handset.

While not the speed king that the LG Optimus 2X is set to be, LG’s Optimus Me is a handset aimed at those looking to get the best bang for their buck. Featuring a 2.8 inch multitouch screen, 3 megapixel camera, WiFi, 2GB internal memory with support for 32GB more on microSD, Adobe Flash-compatible Android 2.2 OS, and RRP of $229 it’s got a lot of other budget devices beat.

LG hopes to put this phone in electronics stores and supermarkets, essentially covering an area that few touchscreen phones have seen themselves placed in.

It’s not the first time that LG has aimed its Android-equipped Optimus line at the value conscious consumer. Last year’s Optimus One handset was one of the first Android devices to hit Australia with version 2.2 “Froyo” of Google’s operating system and hit under the $400 mark.