If you just need a HR monitor
Before I invested in the Garmin I killed a timex @ $55 on sale.
And picked up a Reebok(I know, but it was cheap) for $25 incl. shipping from Woot.com for a HR watch and chest strap.
I have to say I'm very satisfied with the Reebok. It's consistent and true and can be programmed for 3 zones with alarm tones to let you know when you've crossed into a zone and tracks average as well as time spent in zones. It takes your age, height and weight and gives calories burned. For me, calories burned don't mean crap, but you may find otherwise. I have yet to use it for swimming, but it does say, "water resistant to 35 meters". In fact, it was the gift I would have bought for my brother-in-law(runner, biker, overall fit guy) if I drew his name from the hat.
Only minor grunt(not big enough for a complaint) is with the chest strap. The plastic connection isn't as comfortable as the Garmin's, but it is certainly bearable. (Don't get a Garmin, and you'll never notice the difference.) I have been using it on and off for more than 1 1/2 yrs and just recently changed the first chest strap battery.
I still use my Reebok for resting HR, trainer and off bike activities when distance, elevation and global positioning don't matter. If I loose it(highly unlikely) or kill it, I'm only out $25.
If I loose the Garmin....:scared: