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The reviews of these unanimously seem to say that it doesn't count laps, at least not at all reliably. Lots of frustrated user reviews. The Garmin Swim does seem to reliably count laps, but costs a ton. Otherwise I'd snap one of those up for £22.
Still, a watch that should actually be properly waterproof isn't bad for £22 anyway. Although Wiggle lies, the price is meant to drop by 1% every midnight but it was £22 yesterday evening and is still £22 now...
b) Wiggle have this swimming watch at 77% discount:-
http://www.wiggle.co.uk/speedo-aquacoach-watch/
So that's £23 for a watch that'll count/time laps, recognise different strokes, etc.
(Never used that particular watch so I'd google around for some reviews/comments)