I just started bass fishing within the past year, and am definitely becoming addicted.  I mostly fish small lakes/ponds, and even plan on hitting some local rivers for smallmouth.  Money is tight, so all i have purchased so far is a light rod with a quantum spinning reel loaded with 8lb mono. (I had no idea there were different Rod powers when I made the purchase)  I have accumulated a decent start-up supply of cranks, topwaters, jigs, a couple spnners and buzzbaits, and some worms.  I am now ready to spend a measly $70 or so on a new rod/reel combo to improve my abilities.  I like the abu cardinal spinning reel combos from bps and cabelas, but what rod length/power should I get to enable to fish more of my baits more effectively?

I would suggest a Medium Power, Fast Action 7' rod (though, since you are fishing small ponds and streams, you may want a little shorter rod, like a 6'6" or 6'.  Length is usually what you are comfortable with)

A 6'6" Rod is a good suggestion. I would go with a rod that has a little more backbone than a Med rod. IMO the best start up rod is a Med Heavy with a fast tip. BPS and Cabelas both have some great combo's in that price range. If you are going to order on line use the link from this site. Your purchase will help us pay the bills.