Garmin eTrex Legend user here. Previously I had an old Venture model, but that lacked a built-in basemap, which can be very handy.

I find the GPS to be a great tool while on road trips and while hiking or exploring the backcountry. There is a little bit of trouble getting a position fix while under heavy tree cover, but some of the newer models with the "Sirf" chip are said to have better reception.

Once you get one you'll wonder how you got along without it. It has saved me a lot of wasted time, especially when driving/working in an unfamiliar area. Instead of having to stop and pull out the road map, I can just glace down and confirm the right direction.

For hiking it's great for giving your position, marking waypoints, leaving a "breadcrumb" trail, and navigating to where you want to be. Also, as you mentioned, it is great for giving out coordinates during an emergency.

At roughly $100 you can get a basic unit, when you start spending $150 and above you can find a unit with a built in basemap and lots of additional features. It won't take the place of a map & compass, but I see it as just another layer of preparedness. Plus, it's waaay cool. <img src="/images/graemlins/grin.gif" alt="" />