I also use a stopwatch. As a new caller, I find it difficult to use any of the other methods because they require me to calculate and/or REMEMBER one more bit of information and my brain is already quite fully engaged. When I started out calling guest calling just 1-2 dances per night, I was fine tracking tune changes, but calling all night long, it all blurs together too much.
I don't use the stop watch to tell me when to stop the dance, but it's the perfect way to answer the question "Just how long has this dance been going on?". I usually aim to wrap it up in about 8-9 minutes, but it all depends on all those situational factors that people have already mentioned.
-Lenore