This is very FAQ.
What you want in a patchbay is,
1. 1/4" jacks on both sides. Bantam jacks and soldering connections are fine if you are doing a big studio installation with fixed cabling in the walls. Otherwise you need 1/4" jacks on both sides. Really. So that's a requirement for anybody that learned anything new in this thread.
2. A normalized mode that breaks the normalization when a plug is inserted. Often called 'half-normalized'. This is a requirement. You GOTTA have that. A "parallell" or "split" mode that lets you split signals is a nice extra bonus, but not important.
3. Easy switching of channel modes. Doing this without unscrewing the patchbay is a big plus. Requirement even. Doing it from a switch on the front is best, but you typically only do this switching when you have bought new stuff, so it's just a nice extra. Doing with soldering sucks, but is acceptable in fixed installations (see 1), at least for the connections to the console and tape deck (Whattayoumean protewls? What's that?)
4. The patchbay being balanced is another plus. Usually not necessary but when you do want balanced connections it's nice. Note that you should avoid running mics through the same patchbays as everything else, both because you don't want to put phantom power there and accidentily fry something, and because the mic signals are so weak they might catch some crossover from stronger signals in the slot besides it. But the day you do have a balanced signal, it will be annoying not to be able to run it through the patch bay. Anyway, most patchbays that fulfill 1-3 are balanced, and the rest aren't cheaper for some reason, so just go balanced...
This bay fits the bill on all points, except possibly the parallell/split-mode (can't very this, but it's no biggie anyway). $100-$120 it seems:
http://www.samsontech.com/products/productpage.cfm?prodID=1656&brandID=2
This ones require you to flip cards to change the config, meaning you need to unplug all patch cables in the front, and remove the front panel. Not as nice as switches, but it's nice enough. Not expensive ($80), and it IS Neutrik. Quality stuff. Has two modes, one half-normalled and one split/through mode, which is all ya need. $80:
http://www.neutrik.com/content/Products/products_group.asp?level2id=204_844827625
For the budget conscious:
http://www.behringer.com/02_products/prodindex.cfm?id=PX1000&lang=ENG&CFID=842970&CFTOKEN=98195679
Basically a ripoff of the Neutrik above. The frontpanel is supposed to be removable if you unscrew the two lover screws, but it is not obvious how. Half price of the Neutrik, and probably half the quality too.
For mics, something like this should fit the bill, if you have mic inputs that sit in awkward places:
http://www.hosatech.com/hosa/products/PDR-369.html