I am a road cyclist and keen to improve my fitness in preparation for a long ride later this year. Though I've only used this a couple of times, first impressions are very good. It was bought to replace a very basic unit that just displayed current heart rate. This one records max and average heart rate on a ride, as well as time within, above and below the heart rate zone that you can set to whatever you want. I then transfer this info manually to my training diary. This is all the info I really need. I used to have a Garmin Edge 800 that was able to transfer HR data to Strava etc to give a fancy graph (until it packed up after it's first outing in the wet and promptly got sent back for a refund...thanks Amazon!). In reality the Garmin didn't really help me keep track of my fitness any more than this little unit does. I don't get all the GPS info that the Garmin was able to record but I don't really miss it.
One nice little touch is that the alarm for going out of the set HR zone can be easily turned on or off while riding. It even does a single beep if you are below the set minimum and a double beep if above the set maximum, though this is a slightly redundant feature as it pretty easy to tell for yourself!
One small criticism is that the heart rate display is smaller than the timer display, so less prominent. Considering it is first and foremost a heart rate monitor this is a little strange, but it is still pretty easy to see when riding even without my glasses.
All in all, thoroughly recommended if you are on a budget and want to keep a record of your heart rate data.