I've had this watch for about 1.5 weeks now, so no long-term review. In that time, I've used it for 3 long bike rides, 1 day of skiing, a long run and a few hikes. It's fantastic. The bluetooth syncs wirelessly with my iPhone, so when I'm riding, I can set my watch to notify me of certain events--like if I'm getting a mid ride text from my wife, or a phone call. The wireless sync also uploads post-ride data...so after a day of skiing with my daughter, I can instantly show her our tracks from the day and the vital stats.
Used with the Suunto HR monitor, it is very reliable at getting both HR and respiration rate data, which has been interesting to monitor on endurance bike rides.
Battery life has been great. With a full day of skiing and GPS, I ended the day with 65% battery left. Used without GPS, it goes for a long time--I don't know how long yet.
Waterproof, seems very durable. Watch strap seems a bit soft, but we'll see. The watch strap is long enough that I can strap it on outside my jacket, to keep good GPS signal and to be able to monitor my ride/ski/hike all day.
The Movescount service works well, when it is working. Their service was down for 3 days, but once it went up again, it has been pretty straightforward to use. The user interface is a bit lacking, but it is stable, and you can figure it out. The ability to customize watch displays is pretty awesome.
All in all, this is a great watch. I was torn between the Ambit 2 with ANT+ capability and the 3 with bluetooth. I went with the 3 so I could sync with my phone, but that means that my power meter and cadence sensors won't work with this. Suunto really needs to support both formats in one device. Until then, this is a pretty great tool to use.