The Forerunner 10 records and displays time, distance, pace and calories. The watch does not show or record elevation.
The Forerunner does record the GPS positions (latitude/longitude) in the activity track. Garmin Connect will map these positions with a digital elevation model to look up the elevation for each point. As a result, an elevation profile will be created on the Details page.
Garmin Connect: http://connect.garmin.com/