The Forerunner 110 is billed as a entry level GPS Sports Watch - loosing some of the features of the 405.
The lack of wireless connectivity turns out to be a plus for me. On the 405 you had to find the USB stick to put into your laptop, startup the garmin software, then find your cable to charge the watch back up. On the 110 its all done with the one cable. If I had a desktop where the 405's USB stick was always connected I guess it would be better but you still need a cable to charge it.
Another feature dropped is the touch bezel. I used to find I had to lock that off anyway on the 405. In the winter long sleeve tops seems to randomly make the watch think I was changing options, and in the summer, sweaty fingers made hard work of actually trying to use it. On the 110 its back to good tactile buttons.
Lastly, the physical size is again smaller and lighter and the wrist strap much lighter and subtle than the 405.
So the intended base model is now my favourite of the Garmin forerunners. My 405 will be on ebay very soon!