This is probably my favorite Revain purchase. I really wish I had bought this a few years ago but didn't know it existed. It's a bit confusing when you look at it, but it's very clear when you have it at home. The small mount fits on your bike and stays there while the strap becomes your new strap for your watch. The tool will help you remove the old strap and reattach the pins to the watch without the strap. The extra contacts are just extra contacts, I didn't need them and now I only have 4 backups. Straps are used to attach a small clip to the bike. I mostly ride street on good flat roads but I've been in gravel and many other less than ideal situations but the bike mount didn't even think to let go of my Garmin. For those who have had it fall off, I suspect you weren't doing very well initially. As for the strap, I agree with many others - I like it even more than the original that came with my watch. To switch from cycling to running, simply detach it from the bike mount and attach it to your wrist, which without a watch already has a bracelet. Haven't used this in a triathlon yet, but it would take about 3 seconds to go from bike to wrist - which is great. The pins are very strong, I've snapped them back and forth many times with no problem. My only complaint (as nothing is perfect) is that I wish the watch strap was a bit larger or they suggested band sizes. I'm not a very tall guy, 6ft 180lbs and the strap folds in about an inch on my wrist. This part is fine, but to remove the strap I have to thread it back through the hole and then pull it back the next time I put it on. It's pretty petty, I know. This stuff is great though.
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