Foot Pod vs. GPS Watch

OK, I need some guidance from you running experts. I'm getting tired of hand calculating my splits and pace via my $19.99 Timex Wal-Mart special. I want something that will 1) accurately measure my distance, pace, etc. 2) Have a heart monitor 3) Keep me on pace w/ alerts 4) Store training data for seamless (i.e. mindless) transfer to a computer

I've looked at the Garmin's and Suunto's thus far. From what I can tell, Garmin is the all-in-one wonder watch, but very expensive (and bulky unless you step up to the "sport watch" which is even more expensive). Suunto seems to be more versatile with "pods" to add the features you want to the base sport watch. Which brings me to the foot pod. Looking at what I want the price is relatively the same (about $250 for watch, heart rate function, foot pod vs. Garmin all in one with similar functions).

I'm feeling like a wombat staring at the lights of an oncoming semi right now. Could anyone lend me some advice before I make an expensive mistake?