For those who will never need to use the Garmin Foretrex 401's electronic compass and baro altimeter, the Garmin Foretrex 301 has the same ergo's and high sensitivity receiver, and it's less expensive.

For Garmin: with a high sensitivity receiver, the GPS derived altitude could be more accurate than the barometric since you need to know the local baro pressure to calibrate. My GPS V calculates altitude just fine and quite accurately without a high sensitivity receiver and with no barometric altimeter.