I'm using a Suunto m5 which is my first "running watch", plus pulse belt and GPS pod.
Three BIG minuses:
1) This watch does not record split times, as such can not give info about pace
2) Separate GPS means another gadget to carry
3) The website (for uploading/logging training) is poor (Movescount.com) - does not give enough information or option to manipulate, does not plot routes in map (you have to do that manually, even if you are using a GPS, how stupid is that), only possible to export single training sessions to .xls, - and it keeps crashing
If I knew what I wanted when I bought it I would definitely have gone for built-in GPS and probaly a Garmin. They have some smaller models. But built in GPS= shorter battery time, about 8 hours I think.
For a quick fix (and cheap one!) buy an arm band for your iPhone