I don't know what you mean by "cheap" but sony has a box called DVDirect that will do exactly what you want for around $250. It can both convert regular analog VHS tapes to dvd, but it also can convert digital video tapes from camcorders to dvd.
Keep in mind that the advantage is that the DVD will not degrade over time (and now that the video is digital, it is easier to edit on a computer), but it will not improve the picture quality of your videos, you can't get something from nothing.
www.amazon.com