This seems like a great idea, if they can get it down to just a watch and not a phone, gps receiver and ECG sensor.
The Alive Exercise Monitoring System provides real time remote monitoring of exercise performance for medical, sports and fitness applications.
The system, which was developed by Alive Technologies, uses the Alive Bluetooth Heart Monitor, a Bluetooth GPS and Bluetooth mobile phone worn by each runner.
The mobile phone transmits all the data to a web server via GPRS over the mobile phone network
The website shows the subject's position on a map in real time, with graphs of their ECG, heart rate, speed and altitude.