Twinkle - the FR305 has a number of "PACE" possibilities.
You can have Average pace (the average of your pace for the entire duration of the workout).
You can have Average Pace - Current Lap - this is the average of your pace for the lap you are running. If you press the LAP button on the front of the watch, it will start recounting the average pace again.
And you have Pace - as in - the current pace I am running right now. Which intuitively, you could say is the best one to look at - kind of like a speedometer. However, for a bunch of very technical reasons, this is a very unreliable number and subject to way too many fluctuations to be really useful.
I advise that you set the watch to do what are called AUTOLAPS - that is, the watch will automatically count a new lap after you've passed a set distance - my suggestion is 1 km (but you can choose wehat you want here).
Then, change the display settings to show Average Pace - Current Lap. This will give you an accurate number of what speed you've been running over the last few minutes. If you go up a hill, you'll probably see the number changing (getting slower), and if you inject some speed, you'll see the average pace get quicker.
hope this helps, TD. 