I've ended up in the "keep it simple" camp too, after first owning three different altimeter watches along the way.

First a Nike branded watch that you had to mail back to them for a way-too-expensive battery replacement every 18 months or so (not user replaceable ... ugh, it was a gift ...). Then a Suunto, I think the issue there was that I stopped trusting the elevation readings (?). Finally a Casio that --- I just stopped using, don't remember why!

I find that if I'm not in good physical condition, I care very much about my current elevation. If I am in good condition, not so much.

In terms of using it as a navigation tool --- I've done this, but infrequently. I pretty much always carry my very-multi-function smartphone, and can always get a location fix from that (UTM coords at a minimum), and for that matter, I can get elevation from it too if I've downloaded maps for where I'm hiking. A more accurate elevation (if I read off of elevation contours on the digital map) than I can rely on an altimeter watch to provide.

So to offer the "anti" case against expensive hiking watches:

- cost, of course
- altimeter in my experience requires periodic calibration at known points --- and even then I've had some whacky results
- heavy
- battery runs out faster

I'm now quite content with a cheap casio from my local drugstore.

I am NOT saying that someone is therefore somehow wrong or foolish to use a more fully functioned watch of some sort (!), just that for me personally --- I've stopped considering anything like that, in favor of just getting better acquainted with the functionality in my smart phone. In particular, I can well imagine folks finding a lot of value in certain circumstances to be able to glance at their wrist while on the go, for a quick elevation update.