I have to agree. Most of the strollers that come with travel systems are not great. I'd choose the stroller, and the car seat, and if they work together great, and if not then either don't use it as a travel system (most strollers can after all be used from birth) or use a car seat frame.
Now, if they HAVE to have a matching travel system, I suppose I'd probably choose a Chicco. The Keyfit is of course wonderful, and the Cortina's not too bad.
Actually I haven't seen whether there are any new Combi travel systems to go with the Shuttle 33. If so I might consider one, some of their strollers are very nice. (But again, some aren't, and I'd be wary of a travel system that cheap.)
I think there is ONE Graco ts that I'd maybe consider okay but I think it's more than budget. That's going to be the rub on most of these, really, any of the DECENT travel system strollers are usually going to be more than budget.
I'd consider a car seat plus frame for sure, and any money they get at the shower could go toward getting a really nice stroller, either new or off Craigslist or something.