i'm looking at buying a new amp in the $300-$450 range and at MOST $500.

I like to play a lot of metalcore and alternative, but since i also play jazz i need very good cleans.

i want really good overdrive and tone, an amp that i could get a lot of gain out of but also sounds good with not so much distortion.

Right now i'm playing a Fender 60th Anniversary Stratocaster and i used a Boss DS-2 distortion/overdrive pedal. My current amp is a Marshall 15dfx (yes...i know....)

I was looking at the Peavey Bandit 112 and it seems pretty good but i want some opinions on if its worth it or what other amps i should take a look at.

Well..you could look at a Valveking. I think mine cost about $400..pretty good cleans, good distortion and what not.. I like the texture control on the back of it. And the reverb isn't too bad on it. Wicked loud of playing at home though..
My Gear:
Yamaha FGX720SCA
yea i forgot to mention i dont need a lot of volume since its just for practice and jamming with my band. no big gigs...yet