I had the much pricier Ironman watch and needed to replace it.  I found this little gem instead and have been very pleased with it.  I'm on my second one.  I wear this watch every day.  Yes, the white doesn't stay really white.  After 2 years, my watchband is more of an off-yellow.  I'm okay with that.  It suits my needs.  I run and swim, and i wanted a watch I didn't have to worry about, and one that could time me.  This watch is perfect.

Pros:
Great price for a lot of bells and whistles
Stopwatch function is good for running
Alarm wakes me up each morning
has a count down timer, which is wonderful
waterproof- I have worn it to the beach and to the bottom of the pool with no problems
The dual time is nice for trips to different time zones
It has held up fairly well for 2+ years
It is pretty tough- gets bashed around and worn everywhere, but still functions

Cons:
The white does discolor
The little part you tuck the watch band into broke fairly quickly. I have been using plastic hairbands rather than try to replace the band.
The band IS hard to replace- cheaper to just replace the watch.
All the colored parts around the face and sides of the watch broke/fell off after a year or so.  It still works so I still use it

Overall, a great value for the money.  This watch does it all.  Despite the cosmetic issues, I will definitely be buying this watch again and I would recommend it to anyone who needs a good sports watch

UPDATE:
I am bitterly disappointed.  This was a perfect watch.  I love the  alarm, the 2 time zones, and the timer. Now it has been updated and the timer is gone.  No timer.  I can't set my watch to count down when I'm baking or putting a kid in time out or want a 30 minute nap. I am not happy about this.