The classic in outdoor fitness watches; the Timex Ironman continues to be one of the best values in the market today. For $30 you get a 30 lap chronograph, alarm clock, and timer ready to help runners of every level understand the basics of their last run. Recently redesigned with a single button on the face, the Ironman is now easier to operate and clearly displays your lap and overall times. For runners looking for more in-depth data, such as heart beat, direction, and temperature you will need to look at the next level of watches, starting around $150 as the Ironman is definitely an entry level watch.
Update: I have found myself time and again using this watch as a backup when I've left my Garmin Forerunner at home or my Forerunner isn't charged. The IronMan continues to amaze me as a great running watch. It's lightweight, easy to use and full of classic but neccessary features for a runner.
Pros: At $29.95 the Timex IronMan is a hard value to beat.
Cons: No fancy features, just your basic Time, Stopwatch, and alarm.