Works with my 305 BUT...
works great with my Garmin 305 but like others, it came with a dead battery. Once I put in a new one it synced right up.

Foot pod is a must have
I like the foot pod very much. It seems very accurate and is a must have if you run on a treadmill in the winter.

Dead on Arrival
I love the foot pot and it works great with the Garmin Forerunner 50 I purchased. The only problem is the battery was DOA. I was getting frustrated with not being able to get it to pair with the watch. Then I recalled reading a review on the foot pod saying it worked great once they put a new battery in it. So I took the battery out of the heart rate monitor and put it in the foot pod. No issues since.

I really WANT to like it...
I've had a few troubles with the 405.
The footpod: as reviewed numerous other times, the pod would not connect with the watch, which was frustrating. After reading reviews, I now realize it is the battery - DOA (dead on arrival). Not cool when your spending serious bucks for the 405 and foot pod.
The watch: oh boy. I'm pretty good technically - maybe an 8 out of 10. But after reading the entire 2 pages of manual, and the DVD that was enclosed, which had about the same amount of info as the manual, I cannot get the darn thing to just tell me my HR, pace and distance. Believe me, I've tried.
I'm guessing if you know someone who has one, and you go running with them, and they show you how to get it programmed... then maybe you're go to go.
But I gotta say, it's not easy to figure out. You have to be outside, moving and have the manual with you to go through the programs, training, options, workouts.

I really want to like it. And I'll go to Walgreens tomorrow and get a new battery. And I'll try again.
But really, it shouldn't be this hard.

Wish I had gotten the 305, which has much better functionality (although from what I read, worse GPS reception).

A necessary accessory
The footpod I received was slightly different than the one pictured, which was actually for once a good thing.
The Garmin footpod I got was a smaller, more compact version of the one pictured.
If you own the Nike+ shoes, and are looking to upgrade to a Garmin, look for Footpod Model Number Garmin 010-11092-00 or also known at SDM4, I believe.
The unit is smaller and will fit into a Nike+ shoe, which is a nice touch.
Getting the unit and clip around shoelaces was just a tad tough, but that's a good thing. It hasn't fallen off yet.
Provided you have a Garmin unit that displays the cadence, you will also see your stride rate on your reports in the Garmin training center. Still not sure how useful that particular information is yet, but the graphs look very colorful now.
I haven't been forced inside on the treadmill to use this yet, but I have to assume it will be as accurate if not more so than the Nike+.
With the addition of the footpod to my Garmin setup, I have officially upgraded from the Nike+ system for tracking my runs.