B.M.
THis is one purchase to research and spend decent $ on- that said there a few seats you really can't go wrong with, the Britax Marathon (Britax runs a twice yearly sale which may still be running, they are about 200 online shipped) and they will last most children until age 5. The Britax Roundabout is also good except that the lower harness slots and weight limits don't allow it's use as long as the Marathon (but a good choice if you have a small car and want to pass along to second baby).
The Sunshine Kids Radian 65 is also an excellent choice to keep a child safely harnessed until 65 pounds. The problem with many of the less expensive seats is that your child most likely will outgrow the top harness slots due to height and then you can't use the seat and have to buy another seat (and many parents prematurely put their children in a booster). The Evenflo Triumph Advanced for about 150 is supposed to pretty good, harnesses to 50 pounds, the Fisher Price one mentioned earlier is good but they've stopped making it and so getting parts may be an issue.
There is a new Graco out called the Nautilus (for about 150)that is getting positive reviews but I believe it does not rear face and the recommendation is that children stay rearfacing until 30-35 pounds (the limits of the seat for rearfacing differ for each seat).
One seat to avoid based on many review is the Alpha Omega, despite it's claims it's the only seat you'll need, it's low harness slots put you kiddo in the booster way way too early.
There is a great carseat board that is very helpful at www.windsorpeak.com, it's run by the folks who write the Baby Bargains books and the car seat info is awesome, I've learned a lot about safety and carseats there! If you post a question you'll get lots of great info!
B.
My kids are both in Britax Marathons, DD is 36 pounds, 42 inches and DS is 25 pounds, 33 inches and rear facing. My DD was Rearfacing until 33 pounds (age 3 1/2). We also have a Apex 65 as backup but I don't love it, it's only Forward facing and not nearly the quality of the Britax but still safe.