I have the Polar RS800sd - I have to say the footpod (sd) it spot on for distances with carying pace (5km - to 22mile LSRs) for me.
The polar is really fully featured and a great bit of kit.
That being said, I bought a 305 last week for a few reasons. Namely, I want the mapping ability that GPS provides. I like that I can fly over my routes when I import them to Google Earth for example.
The 2nd reason is that I'm a Mac user and there are some good 3rd party softwares out there for the Garmin. The Polar doesn't offer any mac support and there isn't really much on offer from 3rd parties either. Polar Pro Trainer is good software and didn't leave me wanting for anyhting but it was just too much of pain to have to boot into Windows everytime I needed to use it.
I have currently sprained my ankle so can't really test out the Garmin but once I'm back running I hope to put them side by side against each other for a runs to decided which one is best for me