You might as well step up a few bucks to the St Croix Triumph or the Fenwick Eagle. You fish them side by side with the Ugly Stick and you will never pick up the Ugly Stick again.
But if what you really need is a kicking around rod check out the Bass Pro Microlight or the Eagle Claw Featherlight (they actually look like the same rod, one just a private label of the other?) provided you are looking for a very light action rod. The fiberglass will take more rough handling than a graphite one, and the price for these is half of what you would put out for an Ugly Stick. I use a 5 1/2' Featherlight as a light weight bobber rod myself. You can also get the BP Microlight in a graphite for about the same money as the Ugly Stick with the much faster action that graphite enables.
Disclaimer: I don't like me no Ugly Sticks. I think they are heavy, clumsy, and have "sloppy" action with damped down sensitivity.