Well.. I can say from experience you get what you pay for too. GoDaddy offer *NO* support. It is specifically created for the purpose of cheap hosting and they do a great job at that. If you ever need them to answer a Linux question you're out of luck though... os you'll probably be back here asking questions at Expert's Exchange. No worries... I still do it too.
So the answer to your questions is yes, GoDaddy can be used for hosting Magento.
