What is the best and reasonably priced HRM to use?

through Hours of research--- the Polar FT7. Not the cheapest, but the one that will be accurate and give you what you need to know. You can find it between 75-100 bucks

You will find a lot of support from MFPers for Polar FT4 or FT7. I have a FT7 and love it. The only difference I'm aware of between the 2 is the memory capacity - 4 is I think 10? sessions - 7 is 20 - but you might want to do a direct comparison of features if you do go for one.

edit => LOL - that should have read "non"-strap ones are known for ....

Yes absolutely - strap ones are known for being much less accurate. There is even quite some variability between the strap ones. I originally looked at a Timex that "seemed" to get good reviews - but as I dug a little deeper I note a lot of complaints about inaccurate calorie count.

Though that could also in part be due to the algorithm used between makers for calculating the calorie burn by HR.

But anyway - the Polar's are noted for accuracy & I haven't had an issue with mine. The wearlink straps on the Polars anyway are very comfortable not like the old rigid plastic ones.

I recently picked up a Bowflex brand HRM. Came with a chest strap (the only way it will continuously monitor). So far seems decent enough. Has the basics: HRM, low, max, percentage of maximum heart rate, alarms, laps, calorie counter, stop watch, % fat burned, etc. My local Big5 sporting goods had it on sale for $40. Their retail price on it was $129.

Seems to be working okay. Instructions could be a bit more detailed on the set up, but can't really complain for the price.