I ran a Polar 720i for 4-5 years when I racced. I then went to a Garmin 305 for a year (not racing). I used the Garmin 705 for the last year (still not racing).
I would recommemd all of them depending on what you want to use them for.
I think the Polars are currently better for serious training and competative athletes. The Garmins are great for touring and less serious stuff. Ths software on the Polars blows the Garmins away!
My Polar 720i stills works after 6?? years. They are really built well. My Garmin 305 crapped out after a year but I got my money back and upgraded to the 705. I hope the 705 lasts longer than than a year considering the price!!!
I am excited about Garmin sponsering a pro bike team. I am very anxious to see what they come up with.