In my experience, the FR305 beats the Edge305 hands down. But that's just me...my Edge 305 lasted *maybe* 8 months before it went totally wonky on me and I don't use it all that much. It was also bulky for running. My FR operates MUCH more smoothly and so far, I haven't had one ounce of trouble with it (I've had it 2 months).

It is quite big on my wrist, but it doesn't bother me. I only wear it when running/cycling...so it's not like I use it for a regular watch or anything. I find it is also plenty accurate in terms of altitude for my uses. At $125 (from an Amazon deal), it's totally worth every penny and I was highly skeptical when I ordered it due to my Edge issues.

Now, if anyone can make a device that accurately tracks HR in the water, then I'll worry about wearing it on the swim. Other than that, I really don't care all that much. When I practice, I wear a timex watch or my lap counter. When I'm racing, I don't care about my speed, only my exertion and no watch can give me that right now.