I've seen a lot of polo's in the last few weeks and Target's Merona Ultimate Polo for $14.99 lives up to its name. I'm voting it my favorite. Gap, J. Crew, and the department stores are selling their polo's $25 and up for similiar or lesser quality.
When I look at a polo shirt I make sure the collar and sleeve cuffs colors match the pique body, the placket is straight and the fit is reasonable.
If you want the distressed polo look, simply take a file to a couple of the corners then wash it a few times with your denim.