I have a Forerunner 301 (predecessor to the 305) and just got an Edge 705.
The Forerunners will track all three sports. (They have settings for running, cycling and "other.") You can get an accessory cadence sensor for the Forerunner 305.
Edge models do not have integrated multi-sport capability. (Given a way to carry them, you can still use them for various sports and manually enter the correct sport for each, but you can't switch from one sport to another in a single workout, as a triathlete would want to.)
The advantage to the Edge models is the larger display, the barometric altimeter with correction against known GPS points (much more accurate than the triangulation method used by the Forerunners), compatibility with some power meters, and - for the latest series - street mapping capability.
I don't know too much about the new Forerunner 405, but just looking at the website, those don't have multi-sport capability either. Now that they're out, though, you should be able to get a great deal on a 305.
HTH.




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