I got this unit after much research into different brands and, after settling on Garmin, different models. It's a great all-around GPS at a great price. It's my first, so I can't comment on the increased sensitivity of the HC chip, but I get plenty of coverage inside my house, and when I step outside the accuracy goes to about 9'. I would have liked the compass and altimeter of the Vista, but really don't have much need for them since I'm not an avid hiker, and didn't need to spend the extra money.
The Venture HC is great for geocaching. I took my family out on our first hunt last weekend, and although we only had about an hour to spare, we had a great time finding caches stashed around a park nearby. I can see this as a fun family activity on road trips as well. The Venture has built-in geocaching features that let you download waypoints directly from geocacher.com (using the free Garmin browser plugin), and even mark caches as found right on the GPS. The color screen is very readable in sunlight. Although the Venture HC doesn't have a proper compass, the "compass" page is very useful for closing in on the target.
The Venture HC is also great for amateur astronomers. My computerized telescope needs to know lat/long/time to accurately slew to and track objects in the sky. I can get coordinates on standard addresses on geocoder.us, but if I just want to set up at a dark site somewhere, a GPS is a must. Rather than pay $200 to get the GPS option on my scope, I can use this general purpose GPS and just plug the numbers into the telescope's controller, or even connect through my laptop. Although any GPS will give you the time and location, not all have as nice a backlit screen as this one, a good thing when you're out in the dark. The customizable color schemes (with automatic night mode) and the variable backlight intensity are also great for astronomy to keep stray light to a minimum.
If I'm disappointed with anything it is with the built-in base map. Again, because this is my first GPS I was somehow expecting more detail, not necessarily in terms of street names, but certainly with respect to canals, mountains, even major cross streets etc. The only features I've been able to distinguish are freeways, lakes and cities. There are many mountains where I live and none of them are shown on the map. More detailed topo maps are available, but cost anywhere from $80-$120. I'm not subtracting any stars for this, because I'm sure all basemaps are pretty much the same. And with 24MB of memory, there's room for decent quality maps.
Garmin updated the firmware for the Venture in February 2008, so one of the first things I did was download their free WebUpdater utility to automatically install updates. I had one scary moment when my GPS lost the USB connection in the middle of the process, and I was worried my unit would be disabled. But after turning it off and back on it came right back up and, after a second try, the new firmware was installed in about 5 minutes.
All in all, I'm very happy with the quality of this unit. It feels sturdy yet light weight, with a nice rubberized feel to it. It's also waterproof, so no trouble using it in the rain. The interface took a little getting used to, but after a while it becomes second nature. The Venture lets you customize almost every screen to your taste; for example, I wanted to have time, elevation and location on the same page for astronomy purposes, so I set one of the screens up to show all these fields. At $130, the price point was perfect: significantly lower than the next model up (sacrificing only the compass/altimeter and microSD slot), and not much higher than plain-vanilla black & white units without geocaching features.
I highly recommend it.
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