Ok, so what exactly WOULD this watch be good for? especially if used for biking or running?

I've started running in addition to biking and was looking for a watch with interval timers. Most of them ONLY have 2 intervals. I looked at the Garmin 305 but didn't want to pay that much. I ended up with a Timex Triathlon watch but am not really that happy with it.

I've never had a GPS watch so they look very complicated.