The Rikaline GPS-50 gives you a lot of cool stuff packed into one watch. It has a SiRF Star III GPS receiver, and includes a tracking log and the ability to measure temperature as well as altitude.
A woeful weakness is its puny 8MB of flash memory, only capable of holding 600 points. Plus, it won't let you create waypoints, either. No word on pricing yet, but its paucity of GPS sophistication makes us think this might be a low-priced model that could signal the dawning of GPS features becoming commonplace in all electronic watches.
Rikaline gps tracklog wrist watch GPS-50 [Navigadget]