I’ve got a Forerunner 110, and I like it.
Yes, it doesn’t tell you ‘instant’ pace, but it does give the average pace over the last lap. So if you set laps to 1km, it will be pretty good.
Also it doesn’t have any ‘training’ features, eg it can’t do intervals. But I don’t care about that, I just want something to tell me time/distance/heart rate, and record for uploading to Garmin Connect/Strava etc.
Also worth a look at the Forerunner 10 – this is smaller, lighter and cheaper, but doesn’t do heart rate. And it doesn’t record elevation data, if you care about that.