Bike Forums - How bad is a rim flat?

Hi, This is my first post to bikeforums (ok, second after the introduction) so I hope i'm not repeating any previous stuff, or posting the wrong spot.

I have a question about a rim flat I recently recieved. My buddy banged the rear wheel rim into the curb, and now there is a flat near the stem. The local bike shop told me I could try to bend it back, or buy a new wheel for about $70. They said that bending it back wouldn't undo the damage, but was only $15 to try.

I have Bontrager Fairlane rims on a Shimano C201 hub. Is that worth $70?
The $70 wheel will be a Alex DM18 Rim witha Shimano RM30 hub.

Thanks in advance