99.5% uptime is quite bad. It means about 4 hours of downtime per month. Uptime guarantees are not uptime promises. Once you read the TOS, you find out they're mere promises to issue a refund (most likely partial) if the uptime goes under a certain level during a month.
Many web hosts will give you space of 20 to 50 MB and many will give 100 MB space, at around the same expenses.
Most hosts these days give a couple of GBs of space in their smallest, cheapest package.