I'd start with something along these lines:
Brewing Intermediate Kit from MidwestSupplies:
It's only $110, but has everything you'll need and more to get started.
The additional $200, you can easily blow on other items you will need to get going and get your first batch bottled or kegged. You'll need:
stainless brew pot (which can get pricey),
strainers are a good idea
bottles (or corny kegs and C02 if you go that route)
a turkey frier/burner (if you cant boil on your stovetop)
wort chiller (isn't necessary and I don't own one yet; i use an icebath; but a good investment)
and of course ingredients (guesstimate $30 for a 5 gallon extract 'kit' with steeping grains, good yeast, etc).
I'd also recommend a few great books: Complete Joy of Homebrewing by Papazian, Homebrewers Companion by Papazian, and some recipe books (I already have 6-7 books in my homebrew library and I started 3 months ago).
Trust me, you'll easily spend $300+ if you get into the hobby and enjoy it. However, I wouldn't go spend all $350 on a "master brewers kit" with all grain capabilities, kegs, etc. Just in case you don't enjoy the hobby... I know many beer fanatics that just can't get into the hobby because its too much "like work" for them to spend 4-8 hours brewing. They'd rather me brew it and dish to them the samples or they will just go buy Microbrew cases for 30-40 bucks whenever they need some beer...
Plus like I said, you'll have unforseen expenses arise as you start to brew with even the intermediate kit. That kit posted above though is very nice and has everything you'll really need to run a batch a beer a week or so if you choose to be that vigilent.