Have a look at BigStopWatch

[Habakuk]

A slightly different kind of stopwatch

BigStopWatch (http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=301615836&mt=8)
Free

A little feast for the eyes.

[Rayfire]

Wow, this app is simple yet the design is really flawless. Works like a charm. I'm really amazed by the UI for this app, good job! Simplicity at its best!

[KRAPPS]

Free is good .... will have to check it out - thanks for the heads up

[SheepNutz]

Wow, this is a great app. Literally yesterday, I was searching for an app exactly like this, one with a large touch area for starting and stopping, so I can use it for timing my rubik's cube solves. I was really bummed that I didn't find one, and BAM, this comes up today. Thanks for an awesome free app.