Stopwatch is a simple product from Kudit which does exactly what it says. The app has a Lap feature which will display the lap time as well as the total elapsed time. A very easy to use app, and great looking as well.

<a href="http://www.kudit.com/applications/stopwatch" title="Stopwatch for iPhone" target="_blank"><img src="http://www.modmyi.com/images/apps/stopwatch.png" title="Stopwatch for iPhone" alt="Stopwatch for iPhone" border="0" height="357" width="320" /></a>

<a href="http://www.kudit.com/applications/stopwatch" title="Stopwatch for iPhone" target="_blank">http://www.kudit.com/applications/stopwatch</a>