Subject: RE: BEST MONITOR DEVICE???I guess it really matters on how effective you want it to be while swimming. Pretty much any of Polar, Timex, Suunto, Garmin 50, etc will give you the stopwatch functionality swimming. The older Polar (with T-31/61 HR straps), Garmin 301, and Timex should also give you HR data while swimming. All of these newer ones that use the 2.4Ghz signal (Polar WIND, Garmin 305/50, Suunto) will probably not have usable HR data while swimming. The Polar 800 & Garmin (with footpod, not sure about the 50) are the only ones that can give you running cadence. I don't believe any to be very accurate with regard to calories, although the Polar is pretty good IF you have a good estimate of your VO2Max. Garmin's can be way off to right on and is frustrating to many.
I, personally have a 305 and feel it is by far the best bang for the buck. I have previously had a nice Polar (S610?) and Suunto T6. For racing, I've done the under the cap thing but I'm too worried my cap will come off. I usually just swim sans stopwatch as I know about where I'm going to be after the swim. For my last race, I wore a stopwatch for the swim and shoved it in my tri-top pocket while running to T1. If I really needed to see my total time, I could have just pulled it out while running, but I had other things on my mind than how long I was suffering 
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