The Packard 200 had the weaker 288 cubic inch inline 8 cylinder engine, which was smaller than other 8 cylinder engines in the Packard lineup. The 200 also had the shortest wheelbase and black wall tires insead of the white walls with full covers found on the more expensive Packards from those years.
The standard equipment on the 200 included dual sun visors on the front, two horns, and a front and rear bumper. Full wheel covers and white wall tires could be bought for extra. The 200 could be bought in the Deluxe trim level, which gave the car the same standard options as those found on the higher end Packard models.
These cars sold well but did a lot of damage to the Packard lineup. The once luxury brand was now seen as an average brand with both luxury and economy cars. Because the economy cars like the 200 sold better than the much more expensive 300 and 400 series, public opinion towards Packard tended to sway towards the economy car and away from luxury.
Deluxe models outsold the standard model by about double in 1951. In 1952, about 6 times as many standard models were sold than the Deluxe models.
These cars can still be found in decent numbers on the American classic car market. The best place to find them is on eBay, where you can also find parts. I find that it's a great place to get an idea of where the Packard market is headed, if you're the kind of person who cares to track selling prices (I am).