I bought a HRM once thinking it would be good to try. I found the chest strap to be extremely annoying, period. Eventually the battery died, I tried to replace it, and now my HRM doesn't turn on amymore....
Anyway, would I wear it in a race? Maybe if I was comfortable with it and knew exactly what I was doing and what my goal was. When I did my first sprint though a couple weeks ago all I could think about was how many people I had to pass to catch back up after doing so poorly in the swim. Pushed about as hard as I could on the bike, and on the run I was a little slower than it could have been, but I picked it up over time. I think a HRM would have only told me that I was working hard, which I knew already.