If you don't like teams that spend heavily, your gona' have a problem in modern day soccer. Money sadly dictates, and the big prizes now are pretty much a closed shop. In England for example the big 4 of Liverpool, Manchester United, Chelsea and Arsenal is pretty much a set group along now with Manchester City, who've taken spending onto a whole other level. And with those 4 or 5 times consistently getting into the Champions League and all the riches that holds season in, season out; the gap financially between them and the rest of the league is getting that big it's virtually impossible for anyone else to split that dominance up; as sad as that is to now say.
Definitely avoid Manchester City, who are a complete law unto themselves under Arab ownership. Even in today's game, it's obscene what's going on there. I guess Arsenal is about as close as you'd get to a top class team that fulfils that criteria. They heavily encourage youth and developing their own. You'll also get terrific enjoyment from the best pure footballing team in England. But the flip side of that is you'll see little silverware as the coach refuses to either change his style of play, or spend any real money to take them over the top. I personally think there's a serious chance they'll drop out of the top four in England for the foreseeable future leaving Utd, Chelsea, City and a re-emerging Liverpool to battle it out.
If you want excitement, I certainly wouldn't go with an Italian team as renaissance said. They'll send you to sleep on Sundays. The Spanish league is by far and away the deepest for technical ability and Europe. The EPL is probably the most exciting as it's 100 MPH end to end action in the main, helped by the fact that the defending standards real poor. And you've American owners and players at quite a few clubs which might give you an extra interest.
Ultimately, again taking ren's lead, your best bet might be to wait and watch the coming season and go with a team that really grabs you.
*Edit* If you want the most passionate fanbase, the England's most successful club Liverpool is for you. For wit, color, passion and a song book that's like an encyclopedia you can't go wrong.
This is a great video from the '60's to exemplify the passion, followed by a more up-to-date version pre-match.