The Airmar M260 in-hull is a fantastic piece of equipment. Echoing what Whole In The Water and others have said, if you have the right floor profile (flat) and placement position in your boat (just ahead of the transom, forward of the propeller) , it's the way to go (no turbulence from the props etc). I have a boat with a flat floor (almost zero "V") and no foam combing or stringers (just a thin glass skin) , the best profile for an in-hull (Arima).
When I sold my last boat (Arima) , I pulled the M260 out and re-installed into my new boat. It was a lot of elbow grease doing the re-install but when I first turned it on and realized that what I was seeing on my screen were individual barnacles on a buoy cable, I knew that M260 was going with me if I ever sold my first Arima and went on to another boat.
I did, and it did.
I can also clearly see bait on the bottom in 200 M of water while pegging my Honda BF150 at 30 kts. Not a critical piece of information for fishing but it makes for good cocktail conversation. Do a YouTube of the M260 and you can see screen-shots taken at way faster speeds then that
Here's a screen-shot of pilchards off of Uke:
http://i846.photobucket.com/albums/ab30/sharphooks/SARDINES.jpg
Here's two pics of the install in different stages:
http://i846.photobucket.com/albums/ab30/sharphooks/IMG_3102.jpg
http://i846.photobucket.com/albums/ab30/sharphooks/transducer.jpg
I've seen M260's on eBay for as low as $ 300 ---I got mine on CL for $200 (just the X-ducer and cable). Usually, when you buy them pre-owned they won't have the yellow "wet box" included in the deal because once you install the box with 3M 5200 marine adhesive, you basically turn it into a "leveright" (as in leave her right there, Bub).
If you pick up the unit pre-owned, you can purchase the wet box, the cork liner and the funnel (for filling it with ethyl glycol or whatever medium you chose) from Airmar's retail arm:
Gemeco
803-693-0777
sales@gemeco.com
gemeco.com
Their techs are very helpful and will make sure you get what you need for your specific application.
BTW, in Pic No. 2 of the install, the transducer mounted ahead of the M260 is an Airmar 235 Khz smart sensor that is hooked into a Furuno RD30 ---very nice piece of equipment for extreme shallow water applications (where M260's aren't always so happy; they're way happier at 300 M) The 235 Khz allows for use of two x-ducers side by side without interference (if the other is 50/200 like the M260 is)