Let the hive mind of Engadget get that for you.
"I've found myself using my PC for a lot of conversations lately, and I'm also considering recording a podcast to share with anyone who will listen. There are tons of USB headset / microphones out there, and I'm hoping someone has some solid recommendations based on experience. I'll consider both headsets and standalone mics, by the way, but I'd like to keep the bill under $100 if possible. Help!"
I used the switch that monoprice sells for a while, and didn't experience any degredation of PQ whatsoever. I didn;t have any long runs, if that helps. Worked like a charm, no handshake issues either. Had the cable box DVR (SA 8300HD), 360, PS3, and HD DVD player connected to it.
Upgraded my receiver with 4 HDMI inputs, so no need for it any longer.