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Receiver with Audio Return Channel

I am looking for a receiver that is not a pass through in regards to sound. I think I have gathered that the term for that is Audio Return Channel, which allows me to hook my components (up conversion dvd, cable box, PS3) using and HDMI cord and having that work to show the image and play the sound. I see that Onkyo has the new TX-SR308 that can do that. I looking to simplify my stuff, while not spending a lot of money.

Does anyone know the term i am looking for when searching for a new receiver that does this?
Any suggestions on a receiver to do that?
The Onkyo listed can be had for $240 from new egg.

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