Wouldn't you know it? A few months after I bought my Garmin Forerunner 301, there's a new one coming -- the Forerunner 305. It looks like they'll address a lot of the issues with the current generation including size and reception.
This one looks a lot nicer, but I guess I'll stick to my current one for a while. Oh well, such is the price of progress.
Thanks to Sportsim Weblog for this info.
[Updated to fix link to Sportsim article]