I have a timex sdm 50 lap version
It cost me £200
The transmitter box is about the size and weight of a computer mouse, it goes on your arm using a well made elasticated velcro strap (can be worn under clothing) or can be attached to your belt using a belt clip (this gives weaker signals though).
It doesn't look daft, it's fine when overcast but trees/buildings/large amounts of metal(?) can affect transmission to the unit.
The 50 lap unit does not beep to warn at mile or km splits - the 100 lap unit apparently does, so you have to keep a check on your watch and press the lap button to measure splits.
Afterwards split info is excellent - giving pace, max speed, avge speed, time, distance etc. of each split.
I haven't got through my first set yet but battery life is supposed to be 12 hours from the transmitter (which takes 3xAAA batteries)
Hope that info helps - and I am well impressed with the timex SDM !