Yes, it's beta software.. But there is no plan to charge for it..

Point your BB browser to this URL to load directly!
(I only tested on OS 4.1+, let me know if OS 4.0 works)

http://www.michaelportfolio.com/chrono/chrono.jad

Version 0.91 features:

General:
- Use phone send/end key to start/stop/lap/reset (On 8700/Pearl)
- Double-ESC to quit or go-to-background if clock running
Chronograph:
- Stop watch
- Lap time
- Logging / copying to clipboard
Count down:
- Some presets
- Vibrate and tone
- 2 Alerts and zero alert

Known issues:
- Many things depends on the blackberry's clock. So if it changes in the middle, the chronograph may not work correctly.

Features to come:
- Save more count down presets
- Save battery when app in background and time is counting..

Put feedback here!