I have had the basic F4 and recently upgraded to the F11. DH has the full on Polar bike/HR watch.
Unless you are training with a coach/ being really strict about things, we find the upload thing probably overkill. DH downloads infrequently and only looks at the interesting rides (a time trial or an event) and not a training ride.
I find the F11 is just right. It has more info than the F4 did and makes a weekly total, bar graphs, training goal setting (which you can transfer to the watch from a computer but not vis versa) etc. If you really wanted to you could of course manually record this into a s/s.
The only problems I have found is the new soft strap, the metal hooks seem to rub a bit (I never had any problems with the solid plastic and elastic strap one) and that to see the clock time you have to hold the watch up to the chest reciever, which is a pain while riding and probably looks strange (but running would be fine). However I love that its backlit and that the buttons are more durable (the F4 plastic buttons would crack and fall out- happened twice to me).
DH just got a Polarlink off eBay- works fine and a great price.