305 is still doing fine for me, for logging runs and rides plus following other people’s routes (or ones I plan out ahead of time). For that route-following stuff you don’t want anything much smaller (so not the 405 or 110).
310XT gets better battery and proper water resistance – although my 305 has been fine even with heavy downpours. A friend has a 310XT and although nice, I don’t think it’s worth twice what the 305 is.
Logging swims in triathlons is a nice idea but tricky to achieve – if it’s on your wrist then getting the wetsuit off is tricky, if it’s in your swim hat then lots of potential to lose the thing. I just keep mine on the bars, hit start when I get there and put it on my wrist before heading out for the run.
To be honest, I’ve never used the HRM features on mine – so the otherwise identical Forerunner 205 (£86 on amazon) would be an even better buy for me.