Actually about £66 per month is pretty good for a dedicated server. We'd struggle to put that together with the required bandwidth (my company offers this sort of service - don't worry I'm not touting for this business),
That said PM's deal also sounds decent - a bit too decent in fact. If the IPs are UK based, I can only assume there's some sort of sharing of the server or that the IP is tunnelled back to the UK. That said, PM, I'd be interested in the details. 70GB storage, of course, is a tad light .
As Duplu says, it's not just the spec but the support, uptime guarantees and general attitude of the hosting company that makes the difference. I can't imagine that $60 per year is a service that's got much in the way of resiliency in it!