I love the Garmin Forerunner. It's not a "watch" (it's a wrist-mounted GPS) , and is too bulky to use as one for regular wear.
I have the 205 model. The 305 is also good (and has a heart-rate monitor).
There's a newer 110 model that is watch sized, but from the reviews I've read, it doesn't have some of the features I like on the 205 (like the ability to see what pace you are going at the moment).