A few weeks ago, I had a similar question myself. Here's my thread:
http://acapella.harmony-central.com/showthread.php?t=2340359
As with most instruments, you'll get more bang for your buck if you buy something used. And with mandolins, you'll get a better instrument for the money if you buy an A-style. F-style mandolins look cooler, but the extra work involved in making the curlicue drives up the price and has no affect on sound. You might want to check out Mandolin Cafe, as jamesp suggested. They've got quite a few threads about good starter mandolins and they're helpful folks.
From what I've read, a lot of the PacRim stuff (Michael Kelly, Epiphone, Morgan Monroe, etc.) is hit or miss and you either end up with a good instrument or a lemon. Eastman has a pretty good QC department and I'd say that they're probably one of the best PacRims for the money.
Here's the mandolin I ended up buying:
http://acapella.harmony-central.com/showthread.php?t=2349790
They're tough to find, but Mid Missouri/Big Muddy (same company, different name) mandolins will give you the best instrument for the money. They're handmade by a small group of guys in Missouri and they're made of all solid woods. They're not much to look at---no fancy inlays or glossy finishes---but they're quality instruments for the money.
As far as pickups, you're probably better off buying an after-market one and either installing it yourself or having a luthier or guitar tech do it.
EDIT: Btw, I really love my MidMo M-2. It's got a great sound and it doesn't feel like a cheap piece of junk either. I'd definitely recommend it!