My advice is buy the nicest (and by nicest I mean in terms of aesthetics and quality) that you can reasonably afford. I know it sounds basic but you want something that is nice and long lasting. And yes, people look at shoes. The people on here who say they are unimportant are, in my opinion, underestimating the importance of them. There are lots of sales going on at the moment (and will continue) so there's no reason you can't get a great pair of shoes at an excellent price.
I'm not as well versed in men shoes as I am in suits but I can tell you what I like
Personally, I enjoy brogues or oxford laceups. Black, as others have said, goes well with grey and is a shoe color you should have in your wardrobe. Jil Sander makes some lovely men's shoes, and if you could find a pair of their shoes on sale, that would be a coup. Since Neiman Marcus and co. are being bastards and have gone to flash based sites, I can't post a pic but something in this style would be top. http://www.neimanmarcus.com/store/catalog/prod.jhtml?itemId=prod63060025&parentId=cat10650732&masterId=cat000550&index=1&cmCat=cat000000cat000470cat000526cat000550cat10650732
those are, incredibly expensive, but you should be able to find a cheaper version elsewhere. My advice is to look at high end shoes from brands that you enjoy, get a sense of the style and proportion that is suitable, and then find them cheaper.
You might try TJ Maxx as well. My boyfriend and I were at Winners (a Canadian version of the store) a couple weeks ago looking for shoes for him and they had a great pair of black Kenneth Cole shoes priced at $100.