For that price you may not have that many good options if you want a non minimal set. You are basically paying about $20 per item, for a set with a few pieces. One that fits your budget is
http://www.amazon.com/Victorinox-piece-Block-Fibrox-Handles/dp/B0039447B2/ref=sr_1_7?s=home-garden&ie=UTF8&qid=1289493221&sr=1-7
You get 5 decent knives (Chef's, paring, bread, boning and slicer), a steel and shears. Unfortunately, when you buy a set you get things you seldom/never use. I pretty much never use a slicer and the steel this set has is grooved while I prefer a smooth one. The good thing about the set is that you know the items will fit. The 8 in chef's knife by Forschner has a fairly wide blade, which I like, but many wooden blocks you can buy by separate will not have wide enough slots for it.
It is typically recommended that you buy the knives you need individually: buy fewer and better knives. A chef's, a paring and maybe a bread knife are the bare minimum. One alternative is going this way
http://www.cutleryandmore.com/details.asp?SKU=15790&src=GoogleBase&cam=Products&kw=15790
Instead of a chef's knife you can substitute for a santoku. Check forschner/victorinox kai-wasabi, Tojiro, Global, Shun, Miyabi fusion. I'm sure other members can add some more recommendations.
The choice depends a lot on your friend's needs. If she/he needs to hack his/her way trough thick bones, I would not recommend a wispy japanese knife, such as the global, but getting a chopper/cleaver instead. If your friend favors looks, then the forschner/victorinox with fibrox (plastic) handles may not be the best choice. For just a few more bucks victorinox/forschener offer redwood handles. Some people like having knives that look alike, hence the sets. I could not care less.
