With the Nike+ iPod product line you had to buy the Nike Trainers, the Nike+ iPod kit, and an iPod Nano, which was helping Apple make some dough. With this latest product Nike has cut out Apple completely making everything the previous Nike+ kit did possible, except for the music, without the iPod.
Instead the system uses a wrist band that communicates with the sensor that goes in your Nike Trainers and stores the data on its flash storage. The band then comes apart to reveal a USB interface which you can use to transfer up to 16 hours of workout data to your computer or upload and share it with the online community at Nikeplus.com.
You can also use the band to store personal stuff like your homework or documents for work, just like a regular flash drive. Way to go cutting out your highly successful business partner Nike, you can apparently get the kit for £40, or about $80 USD.