Running Watch Recommendations

Does anyone have a running watch that they LOVE??? I am looking for a watch - nothing fancy, hopefully around $50 or less. I would love a GPS one, but I know that it's just not in the budget right now. The main thing I would like is a lap counter. Right now I use my Ipod for timing my runs and it is just a pain in the butt! I have checked out some watches at EMS and other sites online...I seem to keep stumbling across the Times Ironman watches. Does anyone have one of these and have any opinions about it?

Any input would be appreciated! Thanks!
Laura