IMO, a smartphone makes the best cycle computer. Here's why
1. Better display
2. Wifi means wireless upload of rides
3. Software updates are frequent, new features get added all the time
4. Functions as music player too
5. Can be used as camera in a pinch.
Now the cons are (some have been stated in this thread already)
1. Battery life
2. More expensive if in a crash
3. All metrics not available
I bought an iPhone 3GS to use as a cycle computer. Note: this is not used as a phone - it has no SIM card - it only functions as a cycle computer. So taking a look at the cons again
1. Battery life - works fine up to 6 hours (remember, it has no SIM card/data plan etc) which takes care of regular rides. For longer rides, I use an external battery pack.
2. Expensive - I bought a good used iPhone 3GS from a US site. It is locked to AT&T but I don't care since I don't use a SIM card - it cost me $130 (cheaper than a comparable Garmin)
3. Metrics - I find that with the right app I can get most of the metrics I'm interested in. I use Abvio Cyclemeter. Deepak, you can check this to see that it is quite close to what your Garmin can do.
http://www.youtube.com/watch?v=SJ_oJa7BmWg In some cases it goes beyond.
Also, I have purchased a RAM Mount, ANT+ dongle and a HR monitor and Speed/Cadence sensor. With all these added it is closer in price to the Garmin, and I plan to invest in a waterproof case for it which will make it just about even price with the Garmin. However, I like the regular software updates and the freedom to track using Strava or other new apps when I want to.
-Arvind