I think the main diff is the batteries. I have the 201 and love it. I think the LiON makes it lighter. I suggest going to a place like Buy.com, where they have it for $119. It is advertised for much more at places like REI ($160).
Don't know how competitive your friend is, but they have the Foreunner 301 now, which has a HR monitor and some cooler training software. I saw it at Ebay for $275.
Good way to do a search for these is to check at www.froogle.com (related to google), you should get someof the cheapest prices.
Hope that helps!