I love my Garmin 305, even though it is a bit bulky. I've found it to be accurate 99.9% of the time, even on the track (surprising). Almost certainly the best running-related investment I've ever made, as it even helped me win a local half-marathon when I noticed the pace I was doing with the the lead pack was suicidal (I'm not great at pacing so I likely would have crashed and burned otherwise as the course was missing a few mile markers).
I have heard people complain about Garmins not working well in urban (i.e. skyscrapers everywhere) or heavily wooded areas but for a decent suburban runner I have no complaints (have never used the HR monitor unfortunately so no info on that).