just got a 110 a month ago and i love it. ran with a timex for years and didn't see the point in upgrading to gps. however, i travel weekly for work and i'm always doing a run in a random place. huge benefit here when you're just taking off from the hotel to get in a run.
secondly, no the forerunner does not offer current pace, but it does tell you the pace over several different intervals that you can pre-program. i leave it at mile, but you can do 1/2, 1/4 (i think), or i think also 2 miles. also can do k's. i don't miss the instantaneous pace at all. if you've been running with a timex for years you've adjusted to not having this feature and you won't miss it. i would also be skeptical of the accuracy of instantaneous pace.
i have noticed some problems with elevation data - if i run in any kind of wooded place the elevation gain data is basically useless. but this is sort of a secondary benefit to the pace/mileage data.
i got the 110 because i wanted something that wasn't bulky and i didn't feel that i needed any of the additional features. so far i still feel that way. even if you're not an anal retentive mileage hog you will enjoy knowing exactly how far you ran, particularly in workouts of all sorts.
it's a very simple watch that gives me everything i need and nothing more.