It works fine though some of their graphs seem less that useful to me. You can use the site for free but it only keeps you last 10 rides. If you want to save all your rides, you have to pay a monthly fee.
Personally, I prefer to use my Polar software with the HRM for heart rate, speed, distance, altitude, and cadence analysis. I can use Mapsource or TopoUSA to view track data from the GPS. Sadly, motionbased does not combine Polar HRM data with GPS files. They are concentrating on the current Edge 305 fad.