I am a watchmaker and am familiar with both types of chronograph(one of them fairly intimately) but I'm assuming that since this is in the firearms section the OP is asking about the type you shoot bullets over
I have the low end Shooting Chrony brand Alpha. This one doesn't have very many features and the LCD display is fixed to the front. I bought mine ~2 years ago, and it was about $90 off the shelf at Cabelas. I bought the warranty on it, but before doing so specifically asked them if it covered shooting the chronograph. The lady laughed and thought I was joking, but after I explained what it was for she understood I was serious, made some calls, and found out that it WAS in fact covered.
If I had if to do over, I'd probably opt for one with a remote display. To me, the averaging and standard deviation features aren't that important-I'd rather record the numbers on a legal pad and do my number crunching in Excel.
Also, take heed of the the suggested distances-I believe it's usually 10 feet for handguns and 15 feet for rifles. Get too close and you will get crazy readings-I recall once getting a reading of about 4500 fps from a 357 magnum-I suspect that I was simply too close and was measuring the speed of unburned powder out of the muzzle. It WAS a hot load in a long barrel(8 3/8" S&W model 27) with a(book) value of 1400 fps, and I think that when I finally got it "dialed in" on the chrono I was recording a realistic 1550 fps or so(btw, this is also a "holy [censored] what was that?" at the range load).
The shooting chrony-and I assume other brands-includes two-piece metal rods for the sun shades with brass bands that show the optimum height. I "nicked" one of the brass bands the first time I had it out(fortunately with a ~750 fps 38 special hollow base wadcutter). I've since bought dowel rods and cut them to length, and use those in place of the metal rods. I painted marks on them for the correct height. I also carry spares with me. There are a LOT of advantages to doing this, not the least of which is that you can carry replacements. Most importantly, though, if you shoot one of the rods it will break rather than(possibly) tearing up your chrono along with it.
A couple of other things-you should always use the rods even if it's overcast and you're not using the sun shades. They give you a guide to shoot over. The Shooting Chrony brand folds in half(one reason I like it) but you need to be absolutely sure you have it folded out flat or your readings will be incorrect. I'd suggest also tucking a spare 9V battery down in the chrono. Getting the chrono out is usually a big deal for me-i.e. I do a lot of prep work to segregate loads and the like before going to the range-and I hate to have the day ruined by a dead battery. Also, you need a tripod but it doesn't need to be particularly stable and I suggest not spending a lot-again going back to the fact that there's a chance of shooting it. I bought a cheap "collapsible" tripod from Wal-Mart-it's about 8" long when folded up, but expands to ~5' when fully unfolded. It's flimsy as all get out and is useless for photography, but ideal for a chrono.
If you handload, you are going at it blindly if you don't have a chrono. I handloaded for a long time before buying one, but after buying I don't know how I managed without it. It makes working up a load a LOT easier and can help you find the "sweet spot" for a particular bullet/powder combination(which is usually under max). It also allows you to spot things like positional sensitivity, which can be a bigger deal than people realize with light loads in big cases. I saw a nearly 100fps variation using the standard 2.7gr Bullseye/158gr SWC depending on if I tilted the gun forward or backward after the shot. I've since switched to 4.7gr Unique for this load, although Titegroup does perform well(2.7gr Bullseye under a flush seated 148gr wadcutter is fine, just like it has been for the past 100 years). Most dramatic was when I tried using 2400 in 32-20(handgun/Winchester 73 loads)-something that Lyman actually lists in the book, but gave me a 500 fps variation! That load has a big red line through it now in my Lyman book