I was told that the HRMs with a chest strap and where you can enter your sex, height, weight, and age are more accurate. I've had one since right when I started SP and I love-love-love it! It's one of my favorite pieces of equipment. I would like it to do a little more but it does enough for me.
IMO, the chest strap is easier. I think (but not 100% sure as there could be better ones out there) with the watch, you have to stop and put your fingers on an indicator so it can read your heartbeats.
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