Can you also give us an idea of what kind of bag you are looking for and what $ range is "breaking the bank"?
Just based on what you are asking for, the STM Scout is a popular choice.
http://www.stmbags.com/catalog/ipad-bags/scout-for-ipad-shoulder-bag/
If you live near an REI - the classic small messenger bag from timbuk 2 seems to fit the bill. In the gray/gray combination that's linked the price is $49.83. I picked one up over the weekend and am not completely sold on the color but it is definitely the cheapest/good quality bag i could find.
Use the find in store feature to save yourself some $$ on shipping!
http://www.rei.com/product/797680
I decided to give this bag a try from STM. Looks like a nice size and price was right at $34 shipped. Should be here Tues.
http://www.amazon.com/STM-Small-All...r_1_1?ie=UTF8&s=apparel&qid=1302410791&sr=8-1
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Just got this one a week ago for my 13" MBA... nice in that it will handle the iPad and the MBA at the same time.... but too big IMO for just the iPad...