For a smaller watch with similar capabilities (Waterproof/resistant to 50m comes with HRM) I also highly recommend the Timex full Run Trainer GPS watch. Only $150 brand new with HRM, I found some used for $115 with HRM on amazon.

http://www.amazon.com/gp/product/B005X2BR48/sr=1-15/qid=1385630078/ref=olp_product_details?ie=UTF8&me=&qid=1385630078&seller=&sr=1-15

I have been researching the exact same needs, and this watch had a fair amount of past Garmin users happily switch to this one. Mostly because the signal acquires faster than the Garmin's on the same level (ones normally priced in the $250 msrp/$150 on amazon range) such as the Forerunner 110, 220, and 410.

Love the idea of wireless syncing for Garmin though, very cool. The Timex is what I will be going with though since it got great reviews and I have always gotten the Timex Ironman in the past.

Happy hunting!