I recently bought a HDMI to VGA converter from Amazon for $27.45
(New, Fulfilled by Amazon, Sold by: US BIGBULL.LTD)
It "just worked" for me so far with no problems after a couple days of testing. I'd previously disabled overscan and did not have to make any further configuration changes. The Pi seems to automatically choose the correct resolution and ratio at bootup.
I've tried with a 20" ViewSonic 1080p LCD:
The ViewSonic also has DVI, so the converter wasn't really of much utility as already have a DVI to HDMI cable. However, I have an old 4:3 LCD with VGA only that would be great to take along with my Pi for hackerspace visits. The converter worked well with it, too:
Finally, the real impetus for purchasing the converter was to use a VGA-only projector for Pi demos:
The converter worked with it, too, when I just did a quick test at my desk: