I owned this (and the footpod) several years ago. Overall, the system works well. It recorded very accurate splits races and as far as I could see, the chest strap was the most comfortable available. I never had problems with erroneous HR readings. And once the footpod was dialed in, it too was very accurate.
However - it becomes a lot to juggle and make sure batteries are fresh. And syncing with a computer requires a PC or PC-emulator on a Mac. That just became way too much effort me after a while, especially due to the (at the time) poor quality of the graphs and charts.
Ultimately, I sold the entire set, loaded Runkeeper on my smartphone and haven't looked back since. If I ever want to go back to tracking my HR, Runkeeper can even do that, too, now, with the right chest strap. I just don't see the need anymore for a separate running watch with proprietary footpod, chest strap, and software to do what clipping my iPhone to my belt can do.
Which easily explains the massive price cut - because I can't be the only one thinking like this.