Another vote for the FR 305. The BS factor goes away if you're prone to rounding in your favor (yeah, that was 3 miles!) Also, it cues interval/complex workouts for you if you set it up right. Beyond that, with the right software (sport tracks) it's neat to see the graphs of pace/HR/cadence vs time/distance.

With the bike kit and cadence sensor, not only can you see how fast you're clipping along (or crawling, in my case), but it will very easily turn into a bike computer that is everything short of a power meter.

~Rob