I would say LRF, GPS is still plus or minus a few yards so in my opinion you might as well pace things off from sprinkler heads. I've never personally used SkyCaddie, but would be a little hesitant to complete trust it. Having done no research on the topic I would be concerned as to where the waypoint are marked. If they just drop it on the middle of the green then you still have to go with the +/- for color of flag. With LRF, you should be able to get a somewhat accurate reading and to me the idea of point and shoot reading seems a lot easier than GPS unit.
That being said, hire a caddie, golfed one round with one at #2 and even though the course chewed me up he was amazing.
Brandon