I’ve had one for a few weeks (got a second hand one off eBay as the RRP is pretty steep). I really like it. It works well with both strava and cyclemeter and gives you lots of geeky data. If I’m using it seriously to “train” in a specific zone (rather than just seeing how high I can get my HR whilst cycling up a hill), I have cyclemeter set up to speak to me through headphones when I enter and leave that HR zone.
It doesn’t add much to the battery consumption either – whilst skiing recently I had both strava (for monitoring HR) and Ski Tracks running for GPS for 7 1/2 hours per day and used about 60% of the battery at most. It’s comparable to usage prior to the wahoo dongle.
The dongle adds a bit of bulk to the phone, but only a tiny bit. I still keep the phone in my pocket whilst out cycling.