After doing quite a bit of research (months) and reading many forums like this, I purchased a Davis Vantage Pro2. Many, many people recommended the Davis and I went through the same process you did budget wise. I saved up for a bit and wound up going for something that I knew would be reliable and last. I know you said you had a tight budget but if the readings aren't as accurate, what is the point? Save yourself $200+ and keep your homepage set to wunderground or another local weather page who has a weather station. Or if you are dying to spend some money, get yourself a 2nd monitor and keep it on one of the above weather page(s).
I am not saying the other models and manufacturers are not accurate and are terrible but Davis seems to be the breadwinner in many categories based on my findings.
The webcams you can afford to save on. I think that is more a matter of opinion and how much you are looking to do with the webcam. You can save lots on going to circuitcity.com, ebay or any other store who sells electronics and put a webcam at the window. Microsoft VX-3000's aren't too bad and are under $60. Or scroll down a bit on this page
http://www.wxforum.net/index.php?topic=2745.15 and you'll see a very cheap alternative for a weather camera. It won't live stream but this seems like the absolute best bang for your buck. Affordable, great quality, multiple software options but no live stream.
Overall, you generally get what you pay for with weather stations. I spoke personally with a few different people who seemed to know a bit about these weather stations and they all pointed to the Davis. It all depends on what you want but I strongly suggest you look around a bit and do some more research before you make a purchase you may regret down the road. Everyone wants a weather station for different reasons. Best of luck and let us know what you wound up getting.