PB protege 9.
I actually have a Sigma something-or-other mounted now, because a friend convinced me to start working on my cadence, which I'd never paid attention to. I bought one on eBay for $24, mounted it up, and found that I was spinning 96 RPM already, and didn't need work. It's OK but the PB was great.
I think if I were doing long distance touring I'd go with something with an altimeter, but for me the PB is all I want. I like the thermometer, though just for fun. I'd use the one without it too.

The great thing about the PB is that you can switch modes with heavy gloves. The Sigma has a backlight, if you care about looking at the computer at night.

I use the clock ;)

Its nice to see how slow I do actually cycle, and when you first use one how much pain can you get your legs to bare trying to go as fast as you can .. But for me the clock and avg speed is handy the rest I never use..

I would go to Performance, Nashbar or other big stores that carry a lot of computers and see what they have on sale. I would definitely go wireless for the convenience of setting it up and the clean appearance. Look for something that just has the basics -- time, speed, avg speed, distance. I like computers that will stop counting time when you stop, so all of your stops at traffic lights, etc., don't influence your average speed (much). I've had computers with cadence, and it's just not important to me. If I want to know my cadence, I just count my rpms over 15 seconds and multiply by 4.

Some people argue against computers, but I am all for them. They can be a great training and motivational tool. I keep track of my mileage, avg speed, time, etc. in a daily log. That way I can track my progress and see if I'm improving. It also motivates me to ride more. If I'm nearing the end of a month and my total mileage is about 550 miles or so, I'm gonna try real hard to top 600 miles. I set little goals like that all the time, and it adds up over the course of a year.

I use mine in conjunction with bikejournal.com to record stats for my own amusement.
I have three bikes that I use regularly. Since I have a mount for my edge on each one it is not technically that expensive spread between all three bikes.

Plus, I can stop the timer when standing on the train with my bike and watch how fast the train is moving. :p
I would purchase a 605 or 705 but I think those are a tad too expensive for me. I would rather purchase a standalone gps unit like a garmin etrex

The eTrex seems, at a glance, to be less functional than the 305. What tempts me about the 605/705 is the ability to add maps (what keeps me away is the price). For fitness and training and route capture, the 205/305 seem like they'd do the job just fine, but for actually getting places, you'd need maps. My ideal is a GPS unit that used street maps, but also allowed you to add MUPs as valid routes, so you could plan out trips combining MUPs and roads, but I don't know that anything has that level of functionality. And if it does, it's probably out of my price range. I almost got the 205, but I'm holding out for maps, I think. Maps, route capture, and speed are what I'd like to see (altimeter would be nice, too). I think I saw a palm pilot/gps add-on combo that did some of this and at a relatively low price point (but probably with a lot of set up), so I may look into that. Bug Labs has a product that has potential to be customized to do just about whatever you like, but it's still a new product, needs more development, and is on the pricey side if the GPS functions are what you're really interested in.

I do find its nice to have the computer to help me keep track of service intervals. I do the basic clean/chain/lube thing weekly, but use the mileage from the computer to let me know when to check the chain for stretch, check the headset/bottom bracket, cables all that good stuff. I give them cursory glances while cleaning, but at the designated miles, I am more complete in the assessment.

Still, I agree with the sentiment. Why do you want a computer. If its just for mileage/current time, I'd get the cheapest one I could find. If you really are trying to watch things like cadence, avg speed etc as a part of a larger training plan of some sort, I'd get something more advanced. Still, I think the best bang for the buck computer out there is the astrale. Its wired, but it has speed/cadence and riding time all for a reasonable price. If you are tracking alt/power/HR etc. then I think you really are starting to get into the realm of overkill for a commuter bike.

I think the model I was checking into briefly is actually the etrex vista hcx and it does allow you to load maps. However, I could be wrong. It is not time for this purchase. Hence the reason I have not performed much research.

All eTrex models allow you to load maps.

I used to use a Cateye on my road bikes for distance and cadence. For commuting I don't care about "statistics" I know when I have to leave the house and when I have to be at work...traffic lights, congestion, etc. all come into play.
I'm with the minimalist crowd...get a basic unit and see if it meets your needs. A lot of folks around here use a GPS unit.

The most basic model does not seem to support maps, but DataJunkie is right, the Vista (and probably the other models) do have the ability to add maps.

I stand corrected, but the Summit, Legend, and Vista all have mapping capabilities. I think a comparably priced eTrex is far more full featured than the 305. Routing, maps, and an expandable memory slot are worth it in spades for me. I bought an eTrex Vista for a bike tour this year and it was superb on tour, but I've also used it on the trail and in the car, out fishing, you name it. It performed admirably well as an all around GPS unit as well. If you're into hardcore training, then the 305, 605/705 seem like good options but if you want to use your GPS off the bike then you really need to look at an alternative like the eTrex. That said, it's a poorly sized bike computer, I also run a Cateye Strada wireless and would never use an eTrex as my sole bike computer - battery life is terrible for that purpose.

My idea is to use the etrex simply for the maps and mapping capability on long rides. Like centuries in unfamiliar locations.
I wouldn't recommend replacing a bike computer with one.

I tried a wireless cateye, it sucks, loses signal with incredible easyness and also is rather unresponsive to speed changes (it takes quite some seconds to update).

I returned it after 2 days, put a basic cateye model (enduro 8 I think), that works rock solid.

Never again wireless.

I've never bothered with wireless. There are too many stories of problems with interference, and honestly, it takes like 2 extra minutes to install; you have to install the sensors and magnets either way, the only difference is tying down the wire with a few zip ties. For that 2 minutes you save something like $20 I think, plus you don't have two sets of batteries to replace.

In case it hasn't already been answered: before I head out on a night ride, I: 1) reset the computer 2) hold the upper and lower left buttons simultaneously for a few seconds. This activates the backlight, so anytime I push a button on the computer it turns the light back on for a few seconds without cycling through to the next display, unless I push a button again while the light is on. It is very nice!

What is the best value computer that offers cadence monitoring. I would like to pay attention to my cadence as well as other basic funtions: MPH, Avg Speed, odo, etc... but don't wanna pay alot.

I'd like to shell out $50 max.

Thanks
-G

Cateye astrale 8. IMHO
Performance frequently has sales on it.

I'm pretty fond of my Sigma 1606L.

Seems like a good deal, performance bikes is out of them... I will search the internets

Does this monitor cadence out of the box? From the description it seems that you need to buy an add on.

Another vote for PB Protege computers. Pick one that has the features you want. I have a 9.0, the thermometer is fun to watch.

Yup and nope

ie yes it monitors cadence out of the box. I think the description is confusing because the cadence is optional and doesn't have to be installed for the speed and distance to work (which is really just stating the obvious).

I like tracking useless data!

Each of my bikes has a Cateye Velo 8. They're cheap, but they do what I need. They don't have backlighting or cadence, but they cover the basics.

I only really have a computer for the odometer, so I know how much life I'm getting out of tires/chains/etc and when to start checking them for wear.

Also, I kind of like to see how many minutes the ride took today, to see how much the conditions affect me.

Also, I have a Sigma 1606L - I bought it new on eBay for I think $24 because a friend convinced me that I should work on my cadence and get it up around 90. I put it in place and found that I normally spin at 95. I haven't used the cadence since and I'm going to remount my Planet Bike comp when I find it again. Nothing wrong with the Sigma, but the PB seems sturdier.

I picked one of these up from EBAY for 32 bucks + shipping. I went with the astrale 8 because it has all the features I want and is wired. In certain applications I really prefer wired over wireless.

Thanks all for your help!

-G

The Sigma 1606L has cadence functions. I just took mine off and put my Planet Bike Protege back on again. PM me if you want the Sigma at a discount. It works fine, I just upgraded because of the cadence functions, and when I got it I discovered I naturally spin at about 95, so I never paid attention to it after that. It's a pretty full-featured computer with backlight too, I just never use all that stuff and I'm more into using the simplest tool to do the job I need to do.