One of the best accessories I've bought in a long time is the $20 Nike + iPod Sensor.
It is a lozenge-shaped device that you can put inside special Nike shoes, or, really, attach to any running shoe (see my review of various running shoes and running styles here).
What is really neat is that the new iPod Touch and iPhones have built-in support for this device (see my review of the new iPod Touch).
Just turn on your iPod Touch or iPhone, select a workout music playlist, select the workout type (timed, open-ended, calorie target, mileage target, etc.), and off to the races you go. A pleasing voice will call out workout milestones, and will encouragingly motivate you when you are nearing workout goals. You can even denote a special "power song" to play during your final push for the goal line.
Once you've completed your workout, you can view a summary of your workout (distance traveled, time, pace, calories burned). Moreover, you can have these statistics uploaded to a free Nike Plus web account where you are effectively included into the world's largest running club.
There, you can view your workout history (as you can on your iPod Touch or iPhone), along with graphs of your workout pace. You can also challenge other members to virtual races, participate in virtual group runs, and otherwise chart your fitness growth and history.
Not bad, in my book, for a $20 device.
As a bonus, my understanding is that many gyms are installing Nike + iPod compatible workout devices so that you can log your workouts for more than just runs using the Nike + iPod sensor.