[java] System.currentTimeMillis vs System.nanoTime

System.nanoTime() isn't supported in older JVMs. If that is a concern, stick with currentTimeMillis

Regarding accuracy, you are almost correct. On SOME Windows machines, currentTimeMillis() has a resolution of about 10ms (not 50ms). I'm not sure why, but some Windows machines are just as accurate as Linux machines.

I have used GAGETimer in the past with moderate success.