Garmin Forerunner 305. I'm so stoked to expand my trail running, monitor my HR, and track my improvement. You can even tell it what pace you want to run and it'll beep at you if you go too far over or under. Woot technology! IMHO it has the best reviews and functionality for its price tag. Even though it's going to totally dwarf my tiny wrists. I'm excited!
Garmin is supposedly the monster in this field (being the dominator in the GPS world in general). I read plenty of reviews on Amazon and runnersworld.com, and most people seem to think it's the best. The 405 (latest model) is supposedly more expensive, more difficult to manage while out, and just as accurate. The only difference between the 205 and the 305 is the HRM from what I've gathered, but there isn't a huge price difference, so if you think you'll use it, you might as well. Anyway, it's supposedly quite accurate. I guess that's what I was trying to say. I've done a bit of research.
$190 including tax and got free shipping. It was $250 at REI, more expensive even though we had $20 off.