Hi! I would definitely like to spend less than $500.
If you don't mind spending nearly that much, you can get a Yamaha RX-V663. It retails for $549.99, but can commonly be had for less than $500. You can read about it here:
http://www.yamaha.com/yec/products/productdetail.html?CNTID=567571&CTID=5000300
The main reason I recommend considering it is because it can handle all the new audio formats on Blu-Ray discs, so if you get a Blu-Ray player in the next couple of years, you will not have any need to upgrade the receiver. It would be bad if you bought something now, only to replace it next year or the year after.
If, in the future, you need more HDMI inputs, you can buy a HDMI switch box (the one from Oppo is supposed to be excellent), but I would not bother with such an extra until you really need it. But it isn't easy to add new audio formats, so I recommend, if it is not too much for you, to buy the Yamaha RX-V663.
Of course, if you never go with a Blu-Ray player, you may never need the extra capabilities of the RX-V663, and something less expensive may very well suffice.