To answer
MtnbikerChk's original question, I received the MotoActv for Christmas after using a 25% off corporate discount. I'm on my third replacement which arrived yesterday. This is bleeding edge technology with lots of bumps so unless you have the patience I'd wait for the next generation, if there is one.
Having said all that, when it works, it's GREAT. The link back to the website is the most impressive as it tracks you on a map, shows your heart rate the entire time, and even tells you which songs gave you the most energy. It blue tooth links to your phone to pass through text, alerts, and even calls (haven't tried calls). Not sure why you would necessarily carry both, but if you have the phone within blue tooth range it's a nice feature. Would make some sense biking with your phone in a backpack I guess... not sure about running. The MotoActv on it's own can pickup WiFi as well.
Overall it's an expense gadget. But it you like having the "latest thing" out and can tolerate the growing pains... it's functional. There are more mature, less expensive, separate items on the market. But if you want an all-in-one devise... this does it.
BTW - Someone has already figured out how to root it and load it with native Android for full feature function like the phones/tablets.