I purchased an AVR-247 from Best Buy a month ago for around $415 (onsale, plus 12% off). On a looks standpoint there isn't anything better looking out there. It's sharp looking piece of equipment. My wife saw it after I had it hooked up and her first words were "that's sexy".
Not that you buy a receiver for looks, but it's a nice bonus.
Feature wise for the money really only Onkyo compares. The new 605 is the closest and has a few more bells and whistles (True HD and the HD DTS formats). Denon and Yamaha don't have anything in this price range that do HDMI upconverting. It's got more inputs (video and audio) that I could ever imagine filling up. Plus you can rename your inputs making them a little more meaningful if you S/O needs to change a source component.
It's not the loudest receiver out there. It won't be melting any speakers with excessive power. But it's perfectly acceptable for a mid size HT.
My biggest complaint is that the remote is pretty weak. It's filled with a billion tiny buttons and just isn't that user friendly. Not a huge deal though. My Harmony does most of the stuff that I use on a day-to-day basis and I never touch the receiver remote.
I do have some reservations on the reliability. Some posts over at AVS had me a little scared. It came with a 2 year warranty though from H/K and by most accounts they are good to work with if needed. So that was a little peice of mind. I'll take my chances on the long term durability of it.
In your price range you are looking at the AVR-247 and 347. By most accounts there, most people can't find a compelling reason to jump up the 347. There just isn't much more you get for the extra $300. It's a couple extra watts that you'll likely never notice and another digital input or two. That's really it.