CES 2008: Garmin Forerunner 405 Watch
Garmin showed off it's Forerunner 405 watch and I must say it's pretty awesome, and coming from someone who hates watches that's saying something. Since it's from Garmin, it is, of course, GPS enabled but it also has a lot of other good features like speed, distance and heart rate track.
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This would be a great device for joggers/runners or any outdoor person as it will update the workout data straight to your computer once you're done. It weighs only 60 grams and you can buy it for around $300.