Yes, as far as the "cheap" heatsink fans go, you really can't beat the 212.
Cost to performance, I personally think the 212 is the best. The Arctic rev. 2 will be a step down in cooling, however, it is cheaper so there's a trade off.
If your going to do any real overclocking, you really should go with the 212 or something with similar or better cooling capability.http://www.frostytech.com/top5heatsinks.cfm