For someone on a budget, I think it would be remiss not to mention the TUSAs. The brand doesn't seem to get get as much traction in the US but is much more common in Asia (which would make sense since this is a Japanese brand). They also manufacture Scubapro regs so they definitely know what they are doing.
I purchased the RS-530 regulator (first stage, second stage, and hoses) + octopus (and hose) for $214 on LP. It's an adjustable-flow reg with 2HP ports and 4 or 5 LP ports (can't remember), so it's definitely not a low-end model. I actually bought 2 sets (for my wife and me), and we've take it on 5 dives so far. It's still early, but so far, they performed very well, and breathing was so easy that we never even bothered to "open up" the dial. As far as cons go, I would mention 2 things: dry mouth seems to be more of an issue for me with these regs than others (my wife had no such issue, however) - but this is a minor problem that can easily be resolved. Also, the form factor is a bit bigger than I would like with the 1st stage being heavier than I expected - but it does feel like a solid piece of equipment. This might not be much of an issue for those who aren't always flying, but for those that do, it's worth noting. Still, I wouldn't pay double for a Micron.
I think you'd have a hard time finding a deal like this. In fact, I just checked and looks like they raised the price to $240, but it's still a steal, imo.
