with HDMI, the best one that you can buy is the Onkyo 605. It has HDMI ports and will decode all of the HD Audio tracks. It is a little above what you are looking to pay though as it is $399.
If you could spend the extra I would definitely do it as it is a great receiver which has gotten stellar reviews and has great features, especially in this price range.
Check the internet and see if you can find it a little cheaper. But even if you can't, I think that it is the best choice and worth going a little over budget.
I just bought a Samsung 46" Tv along with the Playstation 3. Now I am looking for an A/V Receiver that would best go along with this combination to play Surround Sound Audio. I would like to keep the cost for the A/V Receiver at 300 but don't want to do that at the expense of losing HDMI inputs/outputs, and quality. Please let me know what you think. Thanks. Oh, and the set up is in my room, so I don't need it to be overpowering.