Yes. It's AWESOME! I love my 305!!! I really like downloading the data from the workout into the software that comes with it, so I get a graphical representation of my run. That was really fun to see after my 12 mile run last week when I went up this killer hill at mile 5. Fun when you've got the dog with you too and you can see a spike in your pace where the dog sees a squirrel. It tells you your average BPM, Avg pace and speed, max speed, total distance, elevation... really worth the money for anyone who runs or cycles.
Oh, and to your question, it does give you your pace and distance as you're running. Also your time and some other stuff. I don't use all the functionality.