NewEgg.com has the Onkyo TX-SR506 Black 7.1 Channel Receiver for $230 with free shipping. Features 6 audio inputs, digital audio in, S-Video Input, Front-Panel A/V, Component Input, and 3x HDMI.
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Incredible value for 7.1 system with 3 HDMI input switching.
I don't think it upconverts, just pass through. Still not a bad price.
Does it repeat the HDMI signal?
No it doesn't #3. HDMI Pass Through (3in/1out , 1080P compatible) — A separate audio connection is necessary. You want the 576 or 606.
I love Onkyo... although I had a volume knob on a receiver go out... even after I had it fixed once.