I, myself baught a eTrex Legend. I haven't tested it on the bike though, and for what I need it, it's good enough.
First, all GPS units will give you an altitude reading, albeit with a big enough error, usually 150-200% of the horizontal error. So, if you get an accuracy of 10 meters, then you should expect 15-20 meters of error in altitude, but it may be more.
There are some GPS units that have an additional barometric sensor (eTrex Vista, Summit) and can give a better accuracy for altitude.
As for navigation, a GPS should only be seen as an aid, not the ultimate tool. For most parts, a map, a compass and the ability to use them, is probably enough. GPS was developed for marine navigation, where features do not exist.
However, a GPS is good in keeping track of your path and is good at leading you close to a specific target. Then use your compass or map reading skills to pinpoint the final destination.
I find that even an accuracy of 10 meters is not enough to navigate correctly through complicated terrain. A compass and map is better.
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