Bought Mom and Dad a TomTom One XL.. Got it for 249.99 on Pricegrabber or buy.com.. cant remember which one.. has BT 2.0 and GPRS traffic interface if your phone is supported...
I have a Mio C220. I got it for Christmas, and I've only used it twice - but it's been very helpful (I plan on using it more this summer when we go camping).
I just got a TomTom 720. I know its a little more than you want to spend, but it can be found on ebay for about $315. Bluetooth, able to control Ipod, and it speaks the names of the streets. I love it!