In reply to ColinVern:
The Garmin Forerunner 10 comes to mind.
http://www.garmin.com/uk/forerunner10
Here's a very indepth review:
http://www.dcrainmaker.com/2012/08/garmin-forerunner-watch.html
I'm sure there are others out there, but I haven't gone looking.
Also, if you're looking only to measure distance travelled and get a pace, then you don't necessarily need a GPS watch. The various footpods out there work remarkably well. They measure acceleration to work out distance. If you researched that you may find something cheaper which fits your needs.
I have a Garmin Forerunner 60 with a footpod which works well. Saying that my watch appears to be more expensive than the cheap gps watch, but that's probably because it comes with a heart rate monitor as well.
Hope this helps,
Mehmet