I recently installed Magento ( at http://hindustanbazaar.com) to try out. The shared hosting at godaddy.com was used. Here is my experience
1. Instead of unzipping the files and then uploading it at godaddy, it will be better if you just upload the zipped file and then unzip it at godaddy itself. There is a way to unzip the zipped file at godaddy ( you will need to go to its files/directory section to do that - please see this http://support.godaddy.com/help/article/8396/extracting-files-and-directories-with-your-hosting-account?pc_split_value=4). It would have saved few hours for me.
2. In godaddy, the image uploaded for the product will not work. The images are stored in the /media directory. To overcome the issue, just rename the .htaccess file to .htaccess_old. ( Thanks to this post http://www.viraljetani.com/programming/magento-images-not-appearing-on-frontend-as-well-as-backend-on-godaddy-server).
3. To change the default logo edit the skin/frontend/rwd/default/images/logo.gif file.
1. I am not able to get any product to display on the home page. It did try few suggested solutions on net.
More coming later.