Yeah! Watch out Annie Oakley! ;)
Seriously though, Leupold decided to put out a quality budget scope using some production cost cutting techniques, yet still using quality parts and optics. The only thing that might be an issue is that it's light gathering properties aren't going to be as good as more expensive scopes, but unless you shoot in low light conditions (which I doubt, otherwise you probably wouldn't limit yourself to a $200 budget) you shouldn't have a problem.
The reviewers from 'The American Rifleman' put it through their standard tests that they put scopes through and they found nothing wrong with it. It was accurate, kept it's zero after repeated firing, was easy to use, and passed all of the hot/cold anti fogging tests. Like I said, they gave it high marks. If and when I ever decide to put together a rifle, this will most likely be the scope that goes on it. I found them online for just under ($189 for a 2X7X33) and just over ($219 for a 3X9X40) your $200 price range.
Oh, I do have a correction to make on my previous post. The reticle is not the standard crosshair. The only reticle that it is offered with is the wide duplex,
which is just fine by me. Also, it's only offered in Matte Black. They took away a lot of the options that are normally available with the other models to keep the price down on this one.
In my opinion, it certainly is worth looking into given your budget.