Man, this is a great buy, and if you're a runner or a beginning-runner looking for some gear to take your training to the next level, this is that piece of gear.
This is already coming across preachy, so forgive me -- I just love my Forerunner 305 and this deal is making me a little giddy.
In case anyone is wondering what type of data these units record, you should check out the Garmin Connect site. Here's data from a recent run I did with two Woot buddies. The Garmin software for your PC shows a bit more, but I'm a big fan of TrialRunner for Mac OS if you really want to nerd out.
Why is this different from using your iPhone and some running app? Battery life, durability, water resistance, and programmable features. Not to mention you won't be taking your iPhone with you on that next tri, right?
And finally, one note on the programmable courses -- It's really easy to set up an interval run on the computer and transfer the "program" to your watch. For example, you can set the watch to start with a ten minute warmup at an easier pace, warning you if you go above or below some set pace window (e.g. faster than 10:00 min/mile, slower than 15:00 min/mile) then it will countdown the last few seconds of your warm-up and prompt you with the further instructions. Let's say one mile, no set pace. Then set up six sets of 100 meter strides with 400 meter walks in between... Basically, this is invaluable if you're doing some crazy training plan that has you running weird distances at different speeds, and you hate the treadmill.
(And who doesn't hate the treadmill?)