I have played with it on the weekend and while the unit is not 100% there with functions I need it is very promising since Timex can update firmware just as Garmin units do. Plus this can actually be worn as a watch during the day which is what I really like.
Ray did a first look few days ago on
his blog and it is a very good read.
I would recomemd the unit to anyone who likes to try new things and likes to tinker with gadgets. I think Timex is few firmware updates away from having very solid unit for triathletes. On top of my list of missing features is footpod support for indoor running and upload of courses. If those are added I can thin out my HRM collection quite a bit.