Inexpensive sports watch that does intervals (HRM optional)

I have a Timex HRM which I got for $70 from Amazon.  MSRP is $90. 

It has HRM, 30 laps count and alarm.  Good enough for me. 

Another vote for Timex Ironman HRM (NOT the Bodylink models). I've owned a few models and they're pretty durable; MRSP $90-120 but can easily be found online for around $50-70. There are 30 and 50 lap models that do just what you are wanting, plus have the HRM chest strap that I have found to be compatable with the Polar-equiped treadmills at the gym. They are also water resistant - I wore all mine routinely in the pool and after years of no problems, finally had one poop out on me but I'm convinced it was because I was fiddling with the buttons while submerged=big no-no.

I've used both the Timex Ironman with HRM and Suunto T3 with HRM.  Both were about the same price from eBay.  Timex $70, Suunto $65. 

I like the T3 better.  It took a bit to get used to it after using the Timex for 2+ years, but I did.

Timex is awesome for doing intervals, and fairly easy to adjust as you are doing them. Water resistant and easy to hear underwater. You have to get the 100 lap models to get the interval timer. http://www.timex.com/gp/product/B000VZ9LQS/sr=1-39/qid=1222967598/ref=sr_1_39/002-3399794-1951258?ie=UTF8&m=A1S5XB33AHYRMX&n=238503011&timexBrand=core

See my review:  http://www.beginnertriathlete.com/gear/review.asp?reviewid=258

I do that ALL THE TIME.  Press the lab button as I push off the wall with both arms at the 12 o'clock position.  Have been using the same watch for close to 3 years, with one change of battery recently. 

Don't think the HR is accurate under water though.  So I only use the "lap" function when swimming. 

As do I, and have been doing it for years until my watch took a drink, but I consider it my fault because Timex explicitly warns that the water resitance is comprimized when any of the function buttons are depressed.