It depends on what terrain you're riding and who you ask. If you go to a mountain bike forum (mtbr.com is my favorite), they'll generally say that a good entry-level mountain bike is around $500, and that the less you spend, the more you'll have to purchase replacement parts anyways. But again, it really depends on the terrain you ride and how hard you ride it. I think that you should just buy a $100 bike just to see how serious you are about riding it, and it will give you more perspective on how much you'll need to drop on a future bike, if necessary.
As far as what you want to look for in a bike, you'll want a front-suspension bike. Also, I would say that you'd want to get disc brakes, but I think bikes in that range do not come with those. Beyond that, what really only matters is the quality of the components, and the quality of the components pretty much just increases linearly with price. If you're shopping for used bikes, then comparing the MSRP will be useful, while also keeping in mind the age and condition of the bikes.
There's lots of good manufacturers. Among the best and most common are Specialized, Giant, Cannondale, and Trek/Gary Fisher.