I have a love/hate relationship with garmin for about 10 years now. I've had the 101, 201, 205 (2 of them) and now the 405 (actually I think I've had two of them also) I don't use it for every run, but it's pretty close to all.
Pacing - I play with the fields and keep 2 fields for pace - overall average (usually pretty accurate within a few seconds/mile) and lap average and I keep the laps on manual, so I hit the button when I want to reset the pace on the lap, like to do intervals or something like that. There does seem to be a lag, about 20 seconds or so, so if I am doing short intervals I just take a running start before I hit the lap button. It *seems* to be fairly accurate after about 200 meters, definitely 400 meters. So you couldn't really record your pace for a 100 meters or anything like that. 200 meters, there is a better chance, but maybe not. But for the whole run, if not in trails, seems to be fairly accurate.
I really love the fact that I don't have to think about where I am going to run; I just go. I never run on a track. I can do intervals and the fun thing is, that I can also see my pace for recovery.
The thing I don't get is that the technology really hasn't gotten significantly better in the last 4 years.
Great link for reviews -
http://www.dcrainmaker.com/