You don't need to spend too much if you are only looking to measure the distance. Register for free on www.mapmyrun.com and use the mapmyrun option which gives 99.9% accurate distance. You only need an ordinary watch with a stop watch option if possible, with lap splits, which will help you in splitting miles. I hope you may find this site very helpful and useful.
Ran my 10miles national championship in 1:08:21 on 15th of August 2009. I'm on my way for Dublin Marathon on 26th October for the third time. Have been running consistantly 2-3 hours as my long runs and the longest 3:15(24miles). Haven't decided my final finish time for the marathon, will decide after the half marathon on 26th of September, which I'll probably finish in 1:28:30. Current mileage 50-60/wk including variety of fartleks twice/wk plus hill once in 15 days. Any experience marathoner? who could tell me that what should be the realistic approach, I'm aiming for 7mins/mile or should I go 5-10 seconds slower per mile. I'm well aware and prepared for my last 6.2 miles to finish off in 6:55/mile. I ran my last marathon in 3:21 but wasn't fit enough that time as I feel great now and in top shape.