"I want to connect my Blu-ray player (PS3) to my monitor. The monitor only has a VGA input. What would I need to convert the HDMI out on my PS3 to a VGA connection?"
One of the key challenges in converting HDMI to VGA is maintaining support for HDCP, which creates a protected signal path from Blu-ray players to a monitor as a means of preventing copying. There are a number of converters that will connect an HDMI cable to a VGA port, but anytime HDCP is present, instead of rendering the video signal, you get a black screen on the monitor. To avoid the black screen, you need a converter that includes support for HDCP.
The solution that seems to convert HDMI to VGA with HDCP support is the HDFury line of products. Depending on what type of hardware you are connecting to your monitor, you may need a slightly different version of the HDFury. For both the Xbox 360 Elite and Sony PS3, the HDFury cable with HDMI on one end and VGA on the other end (referred to as the HDFury Gamer Edition) should work.
Some older devices with HDMI out may not support passing power over HDMI, which means you'll need an HDFury combined with a power supply in order to get a picture on the connected screen. Depending on which version of the HDFury you need, prices range from $139-$199.
The video below provides further details on how the HDFury works: