Hand held meters thrive mostly in the world of old manual meterless film cameras.
I disagree... really disagree!!!
In difficult lighting conditions it is easier and more accurate to use an ambient handheld light meter. This is true when the viewfinder is filled with bright hi-lights and dark shadows. This is especially true when you introduce strobes. I also found it easier when I'm in pretty even lighting conditions on the street (or snowy conditions) shooting a normal to wide focal length. Just take a meter reading, set the exposure on the camera, and focus on composition.
In hi contrast areas when it is fairly easy to "fool" the in-camera reflective meter, we are all taught to use a grey card.... essentially turning your camera into an ambient hand held meter.
If a spot or reflective metering is what you need, the in-camera TTL metering works just fine and is very convenient. Thus I have found higher end (and expensive) meters to be a bit over kill for me. For this reason, my Sekonic L-308 fits the bill; Compact, simple, uses AA batteries which last forever, inexpensive. Kinda reminds me of my ol'Casio watch that just lasts forever. The only things I don't like:
* Slow to start up
* Once you take a flash reading, you can't scroll through the equivalent exposure shutter/aperture settings. It is able to do this for ambient readings
* I wouldn't mind some sort of memory to record (or average) readings. (But this would probably increase the price a lot).
http://www.sekonic.com/products/products.asp?ID=3
If you really want to go old fashioned... I REALLY like this one but make sure it is still accurate (mine is). The model number escapes me at the moment:
One of the more easier and intuitive designs I've seen from years past... but really should just stick to the newer digital meters. It is actually pretty darn fun to take shoot with an old stuff... everyone should try it... gives you perspective on how far things have come.