I have owned Polar sports gear in the past.
Generally, the RS800 is a VERY good watch and the whole system works together very well. I rarely had signal problems between the watch and the footpod or HR monitor. I would assume the bike speed sensor maintains connection just as well.
Build quality is superb - slick and sleek. However, the S1 footpod is just to big and clunky, so if you're a runner, make sure you get the S3. I ran the Houston half-marathon with this Polar and the S3 and was pleased to be able to note by the data afterward (which you can quickly check on your watch and later in depth on the computer) that I ran perfect negative splits the whole way.
The HR monitor is also good, but seems to need batteries more often than the other bits of the system. It is nice the monitor snaps off and allows you to wash the chest strap. I stopped wearing the chest strap because it just wasn't worth the hassle for the data I was getting. Get it only if you really need it for zone training or have a heart condition. (Can say the same about all HR monitors I guess.)
I will say that these are the same prices I paid eight years ago...I'd have hoped that this stuff would have gotten cheaper since then.
Now...computer syncing. HUGE pain in the butt. I have a black-and-white TV and the proprietary tracking program wouldn't work through WINE, so I ended up using Parallels and then Bootcamp. The IR stick needs a specific driver that doesn't necessarily come with Windows! And not just any IR stick will work - it has to be Polar's. Your watch has to be in the PERFECT position relative to the IR stick when syncing, so you may need a USB extension to help you get (and hold) good alignment while syncing data. That said, once the data is synced, it is great to be able to see it and examine in depth how your workouts are going.
Probably the best feature I liked about the training software was the ability to create workout plans, upload them to the watch, and then allow the watch to guide my run. You know...specific intervals and whatnot.
Now, why don't I own this anymore? Besides that I wasn't using the HR monitor, I realized I was always carrying my phone anyway, for music, and once I downloaded RunKeeper (and now use both RunKeeper and PanoBike while cycling), all of my speed and distance tracking was taken care of. I wasn't concerned with tracking those things on treadmills (as they have their own readouts), so... I sold it.
Summary: if you're into serious training (including targeted heart rates) and have a modicum of computer acumen, this is a fine fitness watch system - top of the line. But if you're a beginner or just need something to track distance and speed, just use your phone or a more bargain model of fitness watch.