We just got a Summer brand video monitor and we're addicted! It makes a huge difference beibg able to peek at him without fear of waking him up. And you can better tell if something is actually wrong, especially as a first timer. Yes they are more expensive but we think it is worth it! We had no monitor until recently at home cause he was in a nearby room and we could hear anything big pretty well and we have a typical audio only monitor at the grandparents' house, so we have tried lots of ways of "monitoring" baby.
I agree, cheap and cheerful does the job just fine!
I have a graco one from wal mart. It works great. You don't need anything fancy!