Actually the recent USGA and R&A rulings make the Skycaddie legal for all tournament play (and of course local bets with your foursome!) as long as it is used for yardage only.
From
http://thesandtrap.com/columns/bag_d...e_range_finder :
The USGA and R&A relented last year and agreed to make modern distance finders legal for handicapping and tournament play subject to the enactment of local rules permitting them. Huzzah! But wait… they quickly followed up with an "Oh, by the way…"
The "by the way" was, of course, a "clarification" to the new decision (14-3/0.5) issued March 1 that prohibits the devices from displaying anything but yardages. So range finders or other gadgets that calculate slope, wind speed or direction, or give compass headings remain forbidden for handicapping or tournament play.