That one may work, but it would be safer if you chose one from the RPi verified peripherals list.
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I found this: http://www.amazon.com/SANOXY%C2%AE-Generic-Audio-Converter-Adapter/dp/B006JW6M2I/ref=sr_1_1?ie=UTF8&qid=1378258313&sr=8-1&keywords=sanoxy+hdmi+to+vga+converter
An externally powered converter like that may be better than a line-powered one as some forum posts suggest the converter can take up to 200mA and overload a diode on the Pi. I've used one of THIS type (but not necessarily that one) and found sometimes it would give an output from cold boot, sometimes not. (Now running my Pi headless via SSH or RDP as it suits my purposes better.)
good point I was looking for something cheap but that works without me having to code just to get video