I agree 100%. I use a $10 walmart watch when I run Pikes Peak.
In response to:
While I do use a GPS watch, this is one race where it is almost useless. Mileage means nothing. You can do just as well with a $15 running watch. The important thing is to have a realistic finish estimate and work with the pace calculator on the Skyrunner page - http://www.skyrunner.com/pace.htm
Even when I do use my GPS watch, I turn the auto mleage off and manually click it at the noted waypoints to judge my progress.