Like you, I was a happy Nike + user, although I used the Sportband rather than the iPod (hate running with music). I upgraded to the Sportwatch pretty much when it came out. I also have a Garmin 405 that I've had for a few years and never really used - I find it too complex and I don't like the Garmin website; conversely I really like the Nike website - it's simple, fun to use and motivational.
I'm very happy with the Sportwatch - I didn't have huge problems with the Sportband, although it did struggle over extended distances (as you've found with the Marathon) and if my pace fluctuated. It seems to pick up the GPS signal about as quickly as the Garmin, holds it well (you can use the footpod as 'insurance' in case it loses it) and is very reliable. One of the main issues I had with the Sportband was that it was flaky - I would frequently get messages saying there were no runs to upload etc. I connect to the USB port using the cable supplied (not just plugging the watch into the computer) and this is a really nice, secure link.
The data downloaded is similar, allows you to build on what's already there and gives mapping of your routes. Again, much simpler than the Garmin - I think this is a good thing, but if you're a stats freak then you may prefer the Garmin.
I've just bought the HR strap that goes with it, which links and works well. I am however about to post a question on the forum - I haven't been able to figure out how to set HR limits/alarms on the watch. I assume there must be a way, otherwise this would be a massive hole in the functionality.
Overall, I like it alot. If you're already a fan of the system, it's great - simple, accurate and builds on what's already there. My upgrade from Sportband to Sportwatch is much more like for like than going from a Nano to the Sportwatch however.