I use a Polar F4 I bought at MEC (are you a member? They do mail orders!). It was $92.00. All I did was imput my age, weight, height and it calculated my minimum to maximum range. It also figures out how many calories I've burned, and stores the info. All on one not-at-all-nerdy-looking watch. When you exercise you put a strap around your chest and it transmits the info to the watch.
I found I like checking on my heart rate and the calories burned and comparing ride-to-ride.
As far as price, MEC has quite a range: Timex from $58.00 to Suunto for more than $600. The co-op usually has the best prices, but it's hard to beat their return policy.
Yes, I go there a lot!