I have the Caldwell chrono that I really like. I use it with my iPhone. The app on the phone is necessary if you want shot string statistics, like standard deviation and extreme spread. The chrono by itself will only display that last shot velocity. The chrono uses a cable plugged into the headphone port on the phone. They have a newer model that cost more but has the chrono on top and the screens on the bottom, that is supposed to alleviate most of the lighting issues you get with most optical chronos.
The Competition Electronics is a nice unit that will do shot string statistics without a smartphone or computer, but can be connected to either via a cable or bluetooth interface.
One big disadvantage with optical chronos is that they must be in front of the firing line, which may not be an option at some ranges. Also, this means the bullets must pass in close proximity and leaves it vulnerable to being accidentally destroyed by an errant shot. You must always keep in mind that the sight line is above the bullet path. I always shoot from a rest, even with a pistol, so that I am less likely to pull a shot and hit my chrono. Also, if used at an indoor range, overhead fluorescent lighting can cause errors.
The magnetospeed works well for rifles and some handguns, but must be mounted to the gun. This can cause a slight shift in point-of-impact for some rifles. Lighting does not affect it.
My favorite is the Labradar. It uses doppler radar to measure the velocity, and can actually measure the velocity downrange. It can do 223 bullets to about 75 yards, and 45 caliber bullets to well past 100 yards. It stands next to the gun so no chance of hitting it. I have played with one using their app on my iPhone, and find it much easier to use the app than to use the front panel user interface on the unit, at least for me. If I ever get $600 I don't need, I will buy one.