LabTimer

LabTimer is a simple timer app.  It can count up, it can count down, and you'll know when the alarm goes off.  As you can see in the picture, the app features four separate timers, There's no switch to change between timer and stopwatch.  If you set a time, it's a timer, otherwise it's a stopwatch.  Each timer has a little icon above it to show what it's doing, and each can have a label set (in lieu of Timer N) to remind you what it's for.

For those not strapped for cash, check out LabTimer PhD and help out the developer.

All in all, a good solid app.  Thumbs up for concept, thumbs up for execution.