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There are now two options available from Peloton: An arm band Peloton® | Arm band (onepeloton.com) and a chest strap Peloton® | Chest strap (onepeloton.com)
I have been using my apple watch to connect, but it only works during bike rides (I guess also for a tread, but I don't have one).

Questions:
(1) Are there differences in functionality between the Peloton arm band and the Peloton chest strap?
(2) What functionality do the Peloton devices provide, that I don't get via my apple watch?
 

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You must have the Bike+ if you're using your watch as a HRM. You can also use it with other workouts if you're doing them from your iphone which is paired to your watch - e.g. an outdoor run, bootcamp, etc. This will work if your casting your workout to your TV as well (AirPlay or other means). If you just stream a workout through Amazon, Roku, etc, it won't be able to record your HR.

I've seen many complaints about the old Peloton HRM so I imagine this one is a lot better but I haven't seen a review of it yet. $90 seems pretty pricey though and I wouldn't think you would need it if you have an Apple Watch.
 

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I bought the chest strap monitor a year ago when we got our bike. I have an AFIB issue and try to keep closer track of these things. Found the chest strap VERY inaccurate. Stopped using it totally...
 

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Here is a review of the new Peloton HRM. Seems to be pretty good as an option to use with Peloton. Kind of pricey though for what it is.
 

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When I got my bike I got the kit with the chest HRM's. Within 90 days both were acting up (dropping out). One stopped working all together, the other so unreliable it was infuriating. It dropped out 2 minutes into my century ride and started working with 3 minutes left. I bought 2 Scosche HRM's and never looked back.
 

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You must have the Bike+ if you're using your watch as a HRM. You can also use it with other workouts if you're doing them from your iphone which is paired to your watch - e.g. an outdoor run, bootcamp, etc. This will work if your casting your workout to your TV as well (AirPlay or other means). If you just stream a workout through Amazon, Roku, etc, it won't be able to record your HR.
There may have been an app update - I can now use my Apple Watch when using the Peloton app directly on my Apple TV (not Airplay). I get all the HR statistics on the big screen.
 

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I also have AFIB and watch my heart rate closely. I started with the Peloton chest strap. Many years ago while into mountain bike racing I used chest straps exclusively. For some reason I had connectivity issues while using the Peloton strap. Did some research and found the Scosche Rhythm+ 2.0, which is a forearm strap. I paid $89 for mine. However, they just had a 30% off site wide and offer sales periodically. I have never had any connectivity issues what so ever. It syncs effortlessly to my bike+ every time. They have another model you can wear on runs, walks etc. and it records your workout to download later, Rhythm 24. check out www.scosche.com. ( I get nothing from Scosche, I believe they are affordable and make a greta product).
 

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I've heard a rumor that the Apple Watch will soon work with all Peloton equipment. At that point would anyone with an Apple Watch need a separate HRM?
Not sure if you’ve resolved this as I am late responding. I just got a bike about one month ago and have an Apple Watch. The heart rate monitor on the watch works fine with the bike. Hope this helps.
 
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