So the Garmin works for running and cycling?

It sounds like you are looking to get a Forerunner 305.  It straps on your wrist, and you can put it on your bike as well.  Measures distance, speed, pace, maps the route, and heart rate monitor.  optional add ons: cadence device for the bike and the foot pod for indoor running.

Then there is the Edge 305 which is bigger for the bike only.

There is also the 205 models which do everything except heart rate, cadence, or foot pod.

The Forerunner is "waterproof," but not recommended for constant submersion:

Most Garmin® GPS units are waterproof in accordance with IEC 529 IPX7. IEC 529 is a European system of test specification standards for classifying the degrees of protection provided by the enclosures of electrical equipment. An IPX7 designation means the GPS case can withstand accidental immersion in one meter of water for up to 30 minutes. An IPX8 designation is for continuous underwater use.

Many here do swim with their Forerunners, often in a Ziploc bag under their swimcap. Somehow, though, I doubt the warranty would cover it if it got fried.

I have the Forerunner 305 with the speed and cadence sensor for the bike.  Works great.  You can also purchase a footpod if you want to used it to run indoors on a treadmill.  And yes, you can swim in it BUT I wouldn't put it on my wrist for swimming.  I put mine under my swim cap.  I've done this a couple of times with my new 305 and numerous times with my 201.  I haven't put it in a ziploc, though I probably should.  Oh, and I haven't tried to wear the heartrate monitor in the water yet, but I doubt from what I've read that you'd get a good reading there.

Yes that's a "viewport" (picture) of the swim from MotionBased.com.  If you click on the picture and then click on the orange "Dashboard" icon you can see all the details like time, distance, pace, etc.  So yes, it does measure the distance of the swim (1.35 miles in this case). 

I'm a big gadget geek myself.  I just upgraded to the 305 from my old 201 a few weeks ago.   It was a "gift" from my wife for my birthday/father's day/anniversary.

Other things may be more useful, but to me this thing is more fun.  Besides, I had already gotten the aerobars and such.

I have been using my Garmin for 2 years on the swim and it has not caused problems.....I do not get readings, but I do get an accurate race clock and then it starts picking up satelites for the bike and run.  I am amazed that some people will put it in their swim cap.....I would be much more worried about it getting lost from there than from on my wrist.

Also, I never really loved the TC software that came with it, so I now use SportTracks which is shareware that does a great job.  Takes some getting used to, but it is great 

http://www8.garmin.com/whatsNew/currentpromotions/

I got my 305 from Target online about 4 months ago...it was on sale for $270ish.  Plus I got the rebate.  Not sure if they are still available at that price or not.

Never even considered taking mine in the water with me....

On another note, my display is just beginning to get blank horizontal lines across it.  It is only a couple of the lines of resolution right now, but if it gets any worse, I'll be sending it in for repair or replacement under the warrenty.  Has anyone else had this problem?

Go into the menu and select options then accessories (or words to that effect), then select the cadence senor and you get the option to pair the device - instructions in the manual.

Haven't tried swimming with it yet - not particular game to either (not on my wrist anyway and definitely not under my cap - that's gota hurt).  I will give a go in a zip-lock taped to my wrist or in the back of the shorts (hope it doesn't slip )

I also have an Edge 305 and I know they make a wrist mount for it.  There are only two displays to choose form (they are customizable), but I am not seeing a way to run and see my minutes per mile.  I can look at my MPH and do the MIT Masters level calculations to convert from one to the other, but that just seems like a lot of work.....and since I am already working so hard just by running......

Oh well, does anyone know how to get the edge 305 to show minutes per mile for when you are running?

Thanks