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Had my Nike+ Sports Band for a week now and have done 3 runs so far.
What a superb and ingenius little gadget this is. It records all the basic information most runners would want to know (distance, time, calories and pace) and the way it automatically tansfers it all to your web page once you insert the USB stick/display is just brilliant.
As for accuracy, it is hard to tell, but you could say that about GPS. On a recent run with some friends, I logged 8.63 miles, another had 8.49 according to their GPS and another had 8.84 so on this basis the Nike+ (being about in the middle) looks to be about right. The only criticism I have is that it could do with a backlight and can't really understand why they didn't include one.
All in all though, for the money it is excellent value and if anything is under-priced in my view.