Amazon has Silver Onkyo TX-SR674S 7.1 Channel Up-Converting A/V Receiver (manufacturer info) for $400 with free shipping, and no tax for most. Next best on PriceGrabber is $450 ($480 for black model) Thanks brisar

Specs:

• Inputs:
  • 2x HDMI In, 1x Out
  • 1x Front-Panel Optical
  • 1x Audio and 5x AV Inputs
  • 3x HDTV-Ready Component Video Input/ 1x Output
  • 1x Front-Panel Video Input (with S-Video)
  • 5x S-Video Compatible Jacks Input/ 2x Output
  • Digital Inputs 4x optical, 2 x coaxial
  • 1x IR In
• HDMI Video Upconversion
  • HDMI Switching Input/Output 2/1 (repeater)
  • HDMI Bandwith up to 1080p
  • HDMI Version 1.1
  • Composite and S-Video to Component Video Upconversion
• Deinterlacing for HDMI Output (480i to 480p)
• Composite to S-Video Conversion

Alternatively, they have the Onkyo TX-SR605 7.1 Channel Home Theater Receiver for $407. It supports the newer HDMI 1.3.