Top 10 Home Theater Products Priced at 199.00 or Less has a nice list of products that can be bought for under 200 dollars. You would be surprised what kind of quality you can get these days due to technology trickle. The base of the system tends to be the same and then you pay more for add ons like video swtiching etc.

From the article:

3) OPPO Digital DV-970HD DVD Player with HDMI output and SACD/DVD-Audio Playback
The OPPO DV970HD is a "Wolf in Sheep's Clothing". This DVD player delivers great video and audio. HDMI connectivity and upscaling enables the DV970HD to deliver an excellent picture on an HDTV. Other features, such as DVD-Audio, SACD, and Divx playback add great audio and video flexibility. If you are looking for a new DVD player, to use with a flat panel HDTV and surround sound system, you should check out the 970. For less than $199 it performs as well as some more expensive units.