Probably the i7's with Quad cores. You can get this in the low $200 range (very good value there considering the Core2Duo Quads are still around that price range). However, AMD has some six core processors out and I've seen some of their Quad cores on Newegg for as low as $100 new.
Make sure not to focus entirely on the CPU. A good GPU can make a crappy P4 machine rival an i7 when it comes to playing h.264. Memory bandwidth and capacity is also important. Look for a good motherboard that has room for all of this.
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