Lots of good dive watchs out there to choose from these days. Take a look through some of the threads on here to see which ones look interesting to you.
Another option on the GPS front is to get a new camera- I always like playing with cameras.
Many of the new ones have GPS software built right into them. The first one that comes to mind is the new Nikon P6000. It's a compact with close to 14 megapixels and GPS software built into it. All you would need to do is surface from your dive and take a picture- lat/long is automatically saved with the image.
Since we are all talking about
freediving on here there's not much need for underwater GPS. We have to come bakc up very few minutes anyways so marking a target on the surface isn't that difficult.
For underwater navigation, other than a compass, I used to use a DiveTracker underwater beacon system with my dive scooter when scuba diving on wrecks in bad vis. I could attach the transmitter below the boat and kept the receiver with me. At the end of the dive ti would direct me back to the boat. You just needed to be sure you mounted the transmitter below the thermocline or it would bounce signals all over the place- but not to you.
Submarines use something different to send signals while underwater. There's a special system called Extra Low Frequency (ELF) that send out signals world wide thorugh a huge antenna. The only reason I know anything about it is because the military used to have one of these antennas in the northern part of my state, and locals used to protest the signals coming off of it- something about messing with the cow's milk production. The antenna itself was set up in the shape of a giant "F" and was miles long in all directions.
I know that we get a lot of military toys to play with these days, like rebreathers, but I've never heard of a civilian version of this.
Jon