I was going to suggest the same, more or less. I use a Bogen/Manfrotto 3021PRO tripod with a 3029 head that I've been knocking about for 25 years or so. It's seemingly indestructible, easy to adjust/set up and folds down to 25.6 inches. That one is no longer made, looks like the replacement is the Manfrotto 055XPROB.
But, it looks like they go for around $150 just for the tripod, head is extra, which kind of blows your budget right there. Here's a decent link (from B&H) that has a lot of different Bogen (which I think are now all Monfrotto) tripod info:
http://www.bhphotovideo.com/FrameWork/c ... ripods.htm
It gives you some idea of what sort of things are available.
I'd look for something that has quick release locks of some sort (mine has flip levers, 1/4 turn and it's loose/tight, and locks completely securely). Look at the weight rating and get one that will hold whatever you think you'll ever need (my 3021 is rated for 13.3 lbs and that's plenty even for some of the big lenses I have, no need to get a monster that holds 50 lbs). Definitely go to the store and try a few out to see how they feel, sturdiness, ease of setup/take down, size when folded down, weight (mine's about 5lbs, which is fine, but if you're packing it around all day, even that can get heavy, but less weight usually means less sturdy too), etc.
Think about what you really want to use it for too. A smaller light weight one my be fine for a lot of uses. Also, these days, with auto-ISO and vibration reduction lenses, there are a lot of pictures that can be taken free hand that used to require a tripod (low light for example, you don't need 3 sec exposures a lot of times now). I've got a cheapo, small light triopd (no idea what brand, I think I got it at a garage sale for a few bucks) that I used to take back packing. It's no where near as sturdy as the Bogen and no good for big lenses, but weight less than a pound, folds up to about 8 inches, and doesn't blow the backpack weight budget/space. It can get the job done though, but not for everything by any means...