You won't get much/anything new for your budget including pads. Like Cl10 said there are two main types 'DA' and Rotary. There are a LOT of scare stories around rotaries, but most are internet rumour by people who've never used a Rotary, with the way some people talk about them you would like they're some sort of paint destroying angle grinder! But it also works the other way, as DA people will tell you a Rotary can ruin your paint, Rotary people will tell you that you can't get good results with a DA. Neither is necessarily true.
If you've got half a brain cell and spend the time to do a bit of research, you'll get better/easier results with a Rotary. Put it this way, if I were to buy one again it would be a rotary. (I have a DAS Pro6). BUT if you're looking to just get started, and aren't planning on doing a lot of heavy paint correction on lots of cars then a DA will do most/everything you need (albeit a bit slower and harder than a rotary).
Pad/Compound wise; Hex logic pads and Megs compound combo's have a good rep, So maybe Megs 101(or 105) and 205, with a Hex medium cut and a hex polish pad should do most of what you need. I'm using all Menzerna stuff at the moment, it get's the job done but I'm not too impressed with the pads (I've had two fail) so I'll be moving to Hex Logic pads soon.