I have a Garmin Fortrex 201 that I picked up for less than $175. The beauty of it is that its waterproof (its been in the drink a couple of times!), weighs 3 ozs and I wear it like a wristwatch.

It has all the functions I need, plus it has a count-down timer for racing.

The only draw back is the mapping. While it has it, the small display is a bit awkward. However, I rarely used the mapping on my other GPS (That I lost overboard!!!). I wanted speed, VMG, ETA, heading, weighpoints,etc. Those are the features most of us want anyway.