Well, since I am starting to get a bit more serious about my exercise and losing weight, I looked into them alot yesterday online. I found that the Polar FT4 is really really accurate and people seem to love it, so I trusted them and bought one. I got mine for 70 bucks at bodytronics.com. It came with a 2 year warranty, so if all goes wrong, no worries. I know thats a little out of your budget, but I was reading really, really good things about it all over.
I can send you the link if you're interested(: