Well... the iPhone DOES have an actual GPS in it (it can use cell tower triangulation as backup but it also has a true GPS chip in there, as do most modern smart phones)). Actually it uses data transmission to speed up acquiring the GPS location.

Yes, handle bar mount isn't ideal, but as I said, I just used my cateye to monitor speed. The iphone MotionX is there to pick up all the data and maps and save it online.

Yes, the iPhone does cadence and HR if you get external hardware - but I don't really care about either of those as I'm just a recreational cyclists - just enjoy being out on a ride, not trying to win any awards.

Yes, the battery life is an issue - but who cares -just charge it when you get home.

You can download maps into cache, so incase you lose signal you still have a map - Though, I think tracking still works with or without a data signal - as it is just recording the GPS information.

So.. sounds like yes, it's not an actual 705 - but for 99 cents (considering you have the existing hardware) it's a pretty darn close 2nd place.

Going out again tomorrow and will compare again with my buddies 705.