I got the FR60 a couple of months ago. NOT a GPS - this has a footpod accelerometer. Quite a bit cheaper - about USD175 for watch, footpod and chest strap - yet accurate to within 1 per cent.
It is great for runners as it can measure distance in places where GPS goes funny: thick woods, near tall buildings, and even on a treadmill indoors (I do not trust the calibration in many gyms).
It has also allowed me to do types of sessions I could not do before e.g. if you want to do 6x1000 with 2min rests over rolling terrain or on the roads, you can just do it.
If you have not owned a Garmin before, I have to say the Garmin Connect software is amazing. Sit down at the PC, the dongle detects my watch, and the sessions are wired up to the web site in a few seconds.
Thoroughly recommended...