Were you waiting patiently for Nike's new Fuelband, hoping that 20+ months was enough to make it great? Well, screw off. The Fuelband got a few minor improvements—better Bluetooth and it's a weeee bit more waterproof—but overall it's still miles behind virtually every competitor. No altimeter, no heart rate monitor, no toggleable GPS (so you still have to take your phone with you to track runs), comparatively crap battery life. But hey, it's made by Nike! Assholes.
Still, it's going to have by far the broadest adoption into other gear, and will probably be around long after the other guys are dust. So there's a good chance it's still the best buy, even if this isn't a great update.