Browsing through apps for the Blackberry (no iPhone comments pls, my wife has one and I am very jealous), I came across the Allsport GPS.
For $20, it tracks time, distance, pace, average pace, elevations and calories burned. Workouts are stored on their website. Just turn it on, put in pocket and off you go.
I have used it on both run and bike, on known courses.
My experience: distance, pace, average pace are quite accurate, similar to my bike computer and longer than mapmyrun/ride measurements, which should be expected. The elevations seem somewhat off but calories burned are consistent with other calculations.
The upload to the website keeps timing out, so far no value there.
It continues to work in the background when receiving/making phone calls (take that, iPhone)
In all, definitely not a replacement for a Garmin but still worth $20 bucks, especially if you run/bike with your phone anyway.
PS, for all you iPhone users, just saw a demo of a new app call pedalbrain (www.pedalbrain.com) and that is really cool.