yes a chronograph can be automatic but will be quite a bit more expensive than regular 3 handed automatics.
at $500 you can pick up some used automatic chronographs though you will have to hunt a bit. Quite a few used Hamiltons in this price range.
New automatic chronographs will be out of your budget but if you are willing to go up to like ~$700 or so, you can get something like the Christopher Ward Speedhawk.
Anyways, just look for watches with a Valjoux 7750, 7751, 7753 movement.
If you are willing to get a manual wind mechanical chronograph, Seagull is a good option. They have several around the $300 to $450 mark.
Not going to list all the good affordable automatic makers as there are too many. The big ones are obviously Seiko/Orient, Citizen.
For a watch that looks like the one above, I'll go with the Bernhardt Binnacle Anchor. Its not a chronograph but its a lot of watch for the money ($200)
Last edited by amoeba; 01-21-2011 at 07:07 PM.