This just came out today over at Dealextreme:
DealExtreme: $49.76 Gold Plated 1080P HDMI to YPbPr(5RCA) + Audio Adapter Cable (1.5M)
Seems to do just want you need and much cheaper than the HDFury (~ £32 delivered)
It's great to finally see this sort of item at a decent price point. I just hope it really works.