You want a Gigabit N dual band router with ports for plugging in external drives and printer.
D-Link DIR-825 Xtreme N Dual Band Gigabit Router $179 @ Bestbuy
Linksys Simultaneous Dual-N Band Wireless Router WRT610N $189 @ Bestbuy
AirPort Extreme $199 @ Bestbuy
Time Capsule - 500GB $269 from Apple Store (Refurbished)
or $329 otherwise
The first 3 are functionally similar I believe, however the DLink is cheapest and ugliest.
Time machine is the same as the others with the added ability to do timed automatic backups of everything on the network onto its 500gig HDD, which explains the drastic cost increase.
edit: Actually, I seem to recall the Airport Extreme being able to function as a Time machine if you add an external drive, I might be wrong on that and I am sure someone else can say for sure.