Strengths: Easy to use, no setup required, packed with features for the price.
Weaknesses: No heart rate monitor (but this is available with the 301) and very occasional signal loss under tree cover, but this is to be expected. So no serious weaknesses.
Overall: This is a wonderful training and racing tool. In simple terms, it tells you how far you've run and how fast.
But it has other excellent features that set it apart from other SDMs on the market. I've used my Forerunner to find my way home on a long run - you can set it to draw a map of where you've been, so that it's easy to turn round and follow it back to the start.
Other great features are alerts when you go outside a certain pace range, or when you've reached a certain distance or time. There is an interval training function that lets you set your interval and rest distances or time and number of reps.
My personal favourite feature is the 'virtual partner'. You type in your intended distance, time or pace, press go, and the large screen shows a picture of 'you' racing against your 'virtual partner'. I've found this an invaluable tool for keeping an even pace during races - I set the virtual partner to run at my intended pace and then make sure I try not to get too far ahead or behind.
And it's worth adding that as well as being able to store a large amount of history on the watch itself, you can download the data to a PC.
Overall, this is a wonderful training tool that I'd recommend to anyone. I'd love to try the new 205 or 305 because the 201 is so good, I think Garmin would be hard pushed to improve on it.