I'm IT Director for a nonprofit 501(c)3 with $6M budget and 250 people scattered around the world, plus probably that many more heavily involved volunteers.
We tried SugarCRM and it works well for CRM, but isn't non-profit specific, so it doesn't "speak the language". That made it very complicated for non-techies and non-sales people to use.
GoldMine was a small disaster that I pulled the plug on before it became a large disaster.
Raiser's Edge does everything, but is way out of our price range. It is also a pure Microsoft solution, which would be a bummer for our Mac & Linux folks.
We currently are using eTapestry. It does a fine job and is web-based, but it was bought by BlackBaud (Raiser's Edge) who have a long history of buying competitors and killing them off. And while far cheaper than Raiser's Edge, it isn't exactly cheap.
So we're currently in beta for rolling out CiviCRM. CiviCRM is a LAMP/Drupal web-based application. Installation is a little bit of a pain, mainly because the repos have all upgraded to PHP 5.3, but it still wants PHP 5.2. If you have LAMP skills, do it yourself, or if not then just pay one of the plethora of CiviCRM consultants to do it for you; it'll still be loads cheaper than Raiser's Edge.
Once it's installed, it's a dream. Easy to customize. Easy to do data entry, either onesie-twosie, or mass entry. I was able to import a CDF from eTap quickly and easily. Great searching, great duplicate checking. It supports every payment gateway imaginable. And all the little rough edges are smoothed away. This is a product which clearly is well-designed and well-built.
Stop throwing away your money, and just try it. But don't short-change yourself with a cheap little shared hosting job. Colo a box in a datacenter someplace to run this.