The best watch I have ever used in the cockpit (FW & RW) is the Suunto Advizor. Very accurate, huge digits, 2 time zones, stopwatch (several hours), countdown timer, compass, altimeter, barometer, temperature, and excellent backlight, PLUS Polar Heart Rate Monitor!!. Able to change time quickly (if you traverse zones) by changing the hours and/or minutes up or down.
Very light, water resistant, user changeable battery comes in different colours/materials and affordable. And when you get to your destination you can wear it running instead of going straight for a beer!
However, it may be now be superseded. But I am sure they have a worthy replacement (or get one on eBay).
PS the best altimeter-style watch is by Revue Thommen. They actually make aircraft altimeters.