I did the newbie for oh, about an hour my very first clinical day...since then, it's always around my neck! One of the nurses I work with has one of these:
http://www.amazon.com/T-Square-Compa.../dp/B0007KO4HS
...so I got one and tried it...works great for my heavy double-tubed sprague!
The one I carry now:
http://www.nursesdirect.com/product.html?t_q=CG697
I looooove this one! Cheaper than an Ultrascope, just as cute, and super lightweight. Not to mention, the acoustics on it are amazing. I get compliments on it all the time and it stands out---people know it's mine and don't take it!

I'm planning on getting an Ultrascope as soon as I pass my boards as a little present to myself. I'll probably get the hot pink tubing with the nurse...or maybe the breast cancer ribbon...so many cute ones to choose from!!