Just had my vehicle down at the shop to have the codes read and they informed me that to replace my 02 sensors (all 4 rather than just 1), they'd like to charge me $850..
I declined, but asked for a written estimate since in our state, if the cost of repairs is over $750 to bring the vehicle into emissions compliance, you apparently can get a waiver.
I'll try and deal with the 02 sensors on my own time and see if I can fix/replace them myself.
Diogenes