Nike is scheduled to release a new version of their Sportsband watch tomorrow. According to gadgetreview.com:

This is the second iteration of the device and includes a new ‘white’ background that makes the screen even easier to read, a water tight body and a bunch of new colors, such as pink/gray, yellow/gray and red/gray.

The Nike+ Sportsband works in tandem with the Nike+ sensor and tracks calories burned, speed, distance and pace.

At an expected price of $59, this is a low-cost and less-bulky alternative to running with an ipod. Not to mention, it will give you all the stats and feedback a treadmill would without the humdrum feeling of running in place for an hour.  You can read the entire article and press release from Nike here.