Forerunner 305 is always a good solid pick and includes a hrm, can usually find it for $125 on Amazon though the price seems to shoot way up around the holidays and wouldn't be surprised if it hasn't dropped back down yet.
Polar.. is great for hrm (I have a Polar hrm myself!), but the reviews for gps always seemed so iffy I never looked into them much.
I have a Timex Run Trainer which I really love so far. There is one model with just the watch, another with the hrm, which I have. I think the one with the hrm was around $215 on Amazon (though would be more to buy in a running store type place). Though the watch is pretty big on the wrist, like the forerunner 305.
The only real drawback I've found so far is that if I want to get a footpod so I can use it indoors, it's more expensive than footpods for other brands I've seen - $69.99 I think. But I have that polar hrm so I just use that indoors instead.
DC Rainmaker has a blog with really good, thorough reviews on all those kinds of sports gadgets, sometimes throws together comparison charts, etc. He compiled a list of different recommendations for holidays 2011 with links to more in-depth reviews:
http://www.dcrainmaker.com/2011/11/m...echnology.html .