Considering the kind of situation you're likely to use a winch for, do you really want a cheap one? (Might cost a whole lot to get unstuck from somewhere if the thing gave up on you.)
Generally, the Harbor Frieght stuff is pretty low quality. I have a friend who refers to their tools as "single use." He buys something there only if it's really obscure and he just needs it for one job.
My only experience with their power-operated tools is a 110v impact wrench my brother bought me a few years ago. I think I've only used it 4 or 5 times, and the last time I did, it made this horrible electrical burning smell.
Then again, some people swear by their stuff.