It depends what you intend using it for or should I say expect from it. Heart rate monitors have now been shown to be a bit of a blunt tool when trying to monitor athletes’ performance improvements over time. This is because your heart rate can vary up or down on any particular day depending on a number of circumstances.
Coaches these days usually prefer power meters for gauging improvements in athlete performance over time and tailor specific training regimes to meet their performance goals. Power meters are horrendously expensive though and as such are usually overkill for the amateur athlete, which I assume you are.
That said, I use my heart rate monitor to try and ensure that I keep within the relevant zone for the type of workout that I may be doing on any particular day. For instance, I tend to regularly do short, repetitive sprint workouts on a spin bike in the gym where I push my heart rate to about 90% max for a very short period and then recover for a bit and then repeat. This is known High Intensity Interval Training and you will find a lot of references on the web if you Google that.
Alternatively, I have also trained for long rides in the Alps where you need to restrict your heart rate below a certain level otherwise you will blow up and stop so I find the HRM useful for that also when training.
I have never bothered to download my HRM to a computer because as I said previously you will probably find that performance data may fluctuate wildly over time and may not give you the smooth upward trend that you may be looking for. As a general training aid it is very useful however and I would advise to buy the most basic i.e. least functions, of a good quality make like Polar that you can.
I also find upper and lower warning bands can be annoying but others may find them useful.