Cheapie stopwatch

I would think for starters you would want one that could at least do intervals.  I've seen the Timex Ironman on sale for around $39 before and it can go into the pool as well.

I've done marathon and even open-water training with $10 CVS and Target waterproof watches. Some of them lasted far longer and better than the pricey Timex Ironman ones ...

Totally agree!  I've had the $30 version of this for a couple of years now and it is fantastic. I use it mostly for swimming and during races.  I have a Garmin 305 for running and biking but have used my Timex for these too, you just need another way to track the distance.

Look at RunKeeper. Its a free download that will use GPS to track time/distance/pace.  I have used it a couple of times when I forgot the Timex and the Garmin and it works pretty well.  You can set it to call out pace/distance/time at regular intervals (which you pre-set) or you can program it to keep track of intervals and such.  It even has capabilities to work with all your other ANT+ gear if you want to shell out the $80 or so to buy the Wahoo iPhone dongle. 

I assume you mean wrist watch with a chronograph, not a stopwatch.

I'm on my 3rd cheap Timex ironman.  This one I bought 3 years ago @ Target for ~$20.  It's the 10 lap model.  I do kinda wish I would have gone with the 30 or 50 lap.  I'll run out of laps for intervals sometimes.  But for 99% of running and all races, it's perfect (no marathons for me)

My first one I got in middle school.  Lost it somewhere in high school, with a broken strap.  Replaced it.  Lost it in college.  Never had any real problems, even though my first one was one of the originals, and my newest one has about the same functions for less than half the price.

If you actually want a stopwatch, this one is pretty killer.

I use a cheap 20$ watch.  I've used it training and running for four marathon's over 2 years.  I'm now training for my 5th and it is lasting the test of time.  I find that doing the split's in my head works great for keeping focus off of pain and such during long runs. 

I use  a pace clock that's at my pool for laps.  This is also mental.