Cheap isn't always a good choice in some things.
I'm in the same boat as you, and I've been doing some searching on AVSForum for a "good" one that isn't hideously expensive, yet provides 4 component inputs + optical inputs. Haven't bought one yet.
One reasonable one I've seen is this one, the Audio Authority 1154A, which is $179 + free shipping:
http://www.digitalconnection.com/products/video/1154a.asp
http://www.ramelectronics.net/html/1154A.html
There's an AA rep on the AVSForum forums that goes under the name of "Audio Authority" that is quite helpful on their products. Though, he mentions this about the 1154B, soon to be coming out:
[quote name='From AVSForum']Also, look for our 1154B coming out around the turn of the year - it's got improved cosmetics, a brushed aluminum faceplate, touch-sensitive discrete input selection buttons, and IR remote control. It also still has AutoSelect switching as an option.[/quote]
Differences between the 1154A (current model) and 1154 (old model):
[quote name='From AVSForum']The 1154A is the current model - the main enhancement was the addition of more shielding in that edition. Some small improvements that have already been detailed were also added.
The 1154 was known to switch in high-noise (EMI) situations, like sometimes when refrigerators switched on or off, or if there was a spike in the power line. The 1154A has corrected that idiosyncrasy.[/quote]