The first one I had was a Timex 30 lap. It worked well. I would buy it again. Basic HR functions. Reasonable price - $70 if I remember right.
After ~1 1/2 years the watch stopped communicating with the strap. I still wore the watch until I got water into it by pressing the buttons under the water too many times.
Not sure how this compares because I've never used Timex HRM, but I got a Garmin Forerunner 50 for $100 (amazon I think) and its the HRM as well as a foot pod. Has the fancy computer training center to upload runs and everything. Seems like a good deal for $100 and Garmin has great customer service should you need it. I've had mine for 6 months and have put it through a lot without any problems. I wear it daily - whether I'm training or not.