It currently sells for 249€, but I paid 144€ (including FedEx) for this. So it pays to look around for a better price.
Most of the things that Will wrote in his thorough and excellent Garmin 405 review is also true with this new gadget, so please read his blog first. Except for one thing: "This is no simple stopwatch with a GPS". Because FR 110 is just that, a simple stopwatch with a GPS. It is not only a toy for fit geeks. FR 110 is useful for all runners, joggers or walkers who want to know mainly two things: how far and how fast [edit: FR 110 uses Smart Tracking for distance, which means it takes a new measurement every 3-5 seconds (some GPS watches have a more accurate 1 sec option available). It also measures average pace/speed only, not the current one.]
Having said that, FR 110 can also be used for cycling and other sports, if you change the pace setting under the menu button to speed. It also counts your calories and lap times automatically, if you care for such features.
What's different inside is the new SiRFstarIV chipset, which is more sensitive and has a lower power consumption (only 8 mW vs SiRFstarIII's 20 mW). That has enabled Garmin to design a smaller antenna and battery in the watch.
What's different on the outside is the decreased length and thickness of the watch. It's also lighter in weight, only 52 grams. The heart rate strap adds about 72 grams, but wearing it around your chest is optional of course.
The design is simple with four buttons: start/stop, lap/reset, page/menu and light.
Starting to use FR110 for the first time was really easy: I charged the battery until full (took about 1h), then wrapped it around my wrist, answered a few simple questions for the profile (took about 1 minute) and went out to locate satellites (took about 30 seconds). Then I just pressed start and went for a run. No need to study the manuals.
When you are finished, just press stop, and then hold reset to store your workout data in history.
Connect the USB cable to your computer and upload the file to your Garmin Connect account. This worked fine on my Mac without any issues. If you are not a geek who can't wait to upload everything at once, dont' worry. You can store up to 180h worth of workout data in your watch history storage.
Garmin Connect gives you a nice summary with a map as well as timing, elevation, and heart rate charts. You can share everything all over the net if you wish, or keep it private in case there's nothing much to boast about.
The only negative thing I can think of is that the max 8h battery life (with the GPS and heart rate monitor on) means this is pretty much useless for the longer ultra races. But most of my training sessions are much shorter than that. And with a cool technical assistant like this I can only get faster, right?
Summary: I would take this compact and simple design any day rather than carry a heavier and more complex piece on my wrist. I highly recommend Garmin Forerunner 110, it's a winner.
Tip: If you own a ANT+ heart rate monitor strap, it will probably work with FR 110, which is available for a reduced price without the Garmin heart rate strap. Also Garmin has a Premium soft heart rate strap available, if you don't like the standard one. The standard strap works fine for me though.
By the way, the example above was just a test run with a heavy backbag, I wouldn't normally run this slow!