Sunnto X6

Personally, I think the Observer model at about the same price is more in line for what you're looking for. The X6 is listed as being more of a cross trainer. As long as you understand the height/pressure variables, the Observer should serve you well. Check out link.
http://www.princetonwatches.com/shop/OBSERVER-ELAST-N.asp

I have the Suunto Vector which I find to be very accurate. You might want to look at it before you buy the X6.

X6 is the best alti/compass watch I've ever used (comparing w/ comparable Nike, High Gear, Polaris). Interface has learning curve but once learned, operation is easy. Compass is quite accurate and easily recalibrated. I like that it has a real crystal instead of easily scratched plastic. The Vector has a nice pricepoint but the X6 is more robust in features and materials.

But don't pay full price for it. Research a little.

You might want to read this
http://outdoors-magazine.com/s_article.php?id_article=74

And consider this Casio Pathfinder, or one of many similar Casio models..
http://www.dollarrite.com/pag40b-2v.html
It is temperature compensated like the Suuntos. To check this, toss it in the freezer, if the indicated altitude changes, it is good to go.

A nice feature of the Casios is flick your wrist and the light comes on for a few seconds. Im happy with mine. With any of these pressure sensors, the watch has no idea if the static air pressure is changing (ie weather), or if you are climbing or descending, so they all have to be set frequently at known altitudes, such as base camp, summit, etc.. and soon you start wondering, If I know the altitude Im at.. using it to set my altimeter, why do I need an altimeter?? Things that make you go Hmmm.

Having an altimeter in the group is worth about $100 of utility maybe, not $200 or more. That much money you can put towards as SiRF star III(most sensitive) GPS which will tell you your altitude, AND your position.
http://froogle.google.com/froogle?q=garmin+sirf+60&hl=en&btnG=Search

I recently purchased a Suunto Vector and have been spending the past 24 hours setting it to my local conditions, testing the alarms, recording various elevations and such.

Having compared the features of the X6 to the Vector I felt that the Vector was best suited to me in terms of what I need the watch for – a simple, affordable electronic compass, altimeter and barometer.

HI, Many thanks for your replies. I hadn't considered the Observer or Vector. John thanks for the link to princetonwatches.com. The X6 and Observer are both "on sale" at $230 with free shipping. The Vector is $175 with free shipping.
The Observer is not far behind the X6 in features. At 0.9oz (without wrist band), another unit that would qualify is the Avocet Vertech 2. No compass, but at $155 it's worth a look.
Brett, you touched on a dilemma for me. If I have to frequently set the altimeter, from a known position on a map, assuming I know where I am, then, as you said, why do I need the altimeter? Good question. I'm not sure how the wrist unit will give me more accuracy in my navigation. I guess I was looking for some redundancy in my system. I will solo hike periodically.
I DO like the Garmin SiRF Star technology. Garmin needs to put SiRF Star in the lighter mapping and non-mapping backpacking units. The Edge units seem to be tailored to cycling.
Thanks
Paul

Paul, glad I made you think about the decision. The Garmin Edge GPS units are cheap, and while they do not display position directly, you can set your position as a waypoint, then immediatly check your current waypoints lat/long. Thats where you are with SiRF precision. Sooner or later cheaper navigaional SiRF GPSs will come out.

The thermometer on those multifunction wrist units tells you the temperature inside your sleeve near your wrist; not very useful. And as I alluded to earlier, YOU tell the barometer what your altitude is, NOT the other way around! I use my Casio 99% for its compass backup potential. Good thing about the Casio's is you can 'set' Magnetic North, so the compass always displays magnetic North compensated correctly for magnetic declination.

As for redundancy, carry a copy of your map, and a proper navigation compass. The lightest and cheapest compass with tool-free adjustible declination is the Brunton 9020. $14.

http://www.rei.com/online/store/ProductDisplay?storeId=8000&catalogId=40000008000&productId=736&parent_category_rn=4500598&vcat=REI_SEARCH

Hi Brett, thanks for your wise advice. I use National Geographic TOPO! maps that I print out. My regular compass is the Suunto MD-3D with field adjustable declination. I do have a smaller Suunto that is very light. Would make a nice backup. But…. I like that Casio. Certainly satisfies the "Gee Wiz" factor. Useful backup too. It's another piece in the ancient persuit of gear:)
Thanks,
Paul

I got the X6 and find the altimeter to be extremely useful for quick estimations of my location on a map. Assuming you have a general idea of your location already find the contour line that matches your elevation and follow it to where it intersects the trail. That’s your position. If you’re off trial you know you’re somewhere along the contour line.

Another useful feature of the altimeter is the ability to measure your rate of ascent. If you know the elevation you are trying to reach (like a pass or mountain top) you can use the rate of ascent to estimate how much time it will take to get there. For example, if a peak is at 10,000 feet and your elevation is at 9,600, you have 400 feet to the summit. If your rate of ascent is say, ~12/min. then you will be at the top in a little more than 30 minutes. Again it’s a rough estimate but very useful especially if time is a factor.

Sure, changes in barometric pressure will cause the altimeter to give a false reading, but it will still be pretty close. It’s hard say exactly how close, but mine has never been off more than 100 ft. Just reset it every now and then at a known location (mountain pass, trail junction etc.) and it should be fine. Also if you switch it to barometer mode when you stop for the night it helps retain some accuracy.

As for GPS, it doesn’t necessarily give you accurate altitude either…

Just some food for thought!