Product-wise, it sounds like a decent deal. It's not that expensive, and it sounds like a way for health nuts to monitor their workout. I did notice that the battery in the little shoe transmitter isn't replaceable, though--that's kind of stupid, even if perhaps necessitated by sealing issues.
As for Nike as a company, here's why I don't like them: They are a marketing company, plain and simple. They "make" nothing--their shoe production is subcontracted to low-cost Asian manufacturers, and I don't even know if they do product design. They make massive markups on their products (probably 80-90%, yet why don't they net more money? Because the bulk of the profit made on each pair of shoes or piece of branded gear goes into advertising--commercials, sponsorship, branding, celebrity endorsement deals. Nike people have been quoted as saying as much during the 90s.
That is, you pay $90 for a pair of not-so-good Nike shoes that cost maybe $10 to make for one reason, and one reason only--most of the rest of your $90 goes to advertising so that people who look no farther than what Michael Jordan tells them is cool will think Nike is cool.
Personally, if I'm going to buy shoddy shoes produced by underpaid and poorly treated workers, I'm at least going to get the economic benefit of it and buy a no-name brand for $20 or $30, instead of giving $70 of my hard-earned money to pay rich sports stars and buy ad time just so my shoes have a Swosh that says "corporate America has paid to make you think I'm cool".
If you want to get into the raw economics of it, there's also something to be said about production in the country of sale, since it leads to reinvestment in the economy and, on the grand scale, better wages and conditions for all in that country.
Personally, though, I wear Red Wings, which as far as I know are made in the US. At the very least, they're built to last, and the soles are replaceable--it's nice to be able to re-sole a pair of shoes instead of chucking a perfectly good, broken-in leather upper just because you wore out the sole.